Riot Blockchain Shares Rise After Company Reports Bitcoin Mining Up 252% YoY By Investing.com

By Sam Boughedda

Investing.com – Riot Blockchain Inc (NASDAQ 🙂 announced its production report from January on Friday, showing a 252% year-over-year rise in mined.

The company produced 458 BTC during the month, resulting in 5,347 BTC held in total by January 31. The figure for January is a 7.8% increase on the 425 BTC produced in December.

Riot shares popped 6% in early trading Friday. Meanwhile, bitcoin is up over 4.8% on the day.

Riot currently has a deployed fleet of around 32,552 miners, with a hash rate capacity of 3.4 exahash per second (EH / s) – the hashrate refers to the total combined computational power used to mine bitcoin. However, the company has further miners ready for deployment and more being shipped from bitcoin server company Bitmain. Once all miners have been deployed, Riot expects to have 46,244 miners with a hash rate capacity of approximately 4.7 EH / s.

By Q4 2022, Riot anticipates a total self-mining hash rate capacity of 12.8 exahash per second.

Earlier this week, Bloomberg reported that Riot will halt its Texas bitcoin mining operations to save electricity as cold and icy temperatures impact the state. In today’s production report, the company confirmed that it has closely monitored the current weather conditions in Texas and the potential impact on the supply and demand of energy in the ERCOT grid, resulting in it deciding to curtail its mining operations at the Whinstone Facility.