- Riot has grown its mining fleet to over 44,000 miners and has more than 3,000 yet to be deployed.
- The company’s bitcoin production grew 107% annually.
- The $14 million bitcoin sale and 30 million share offer strengthened the company’s cash position.
Bitcoin miner Riot released its Q2 Bitcoin Mining and Production Update on Tuesday, highlighting ongoing dedication trends in the bitcoin mining industry, but Riot’s dedication paid off for expansion, while others simply need to stay afloat. Was.
Notably, Riot increased its year-over-year (YoY) BTC production by 107%, resulting in 1,395 BTC worth approximately $34 million at press time, as opposed to last year’s 675 BTC, or about $16 million. was.
Riot’s output can be attributed to its growing miner fleet. The company currently claims 44,720 application-specific integrated circuit (ASIC) BTC miners with a hash rate of 4.4 exhash per second (EH/s), which will expand to the 4,511 ASICs that recently shipped. All miners have closer to 4.9 EH/s. Fully positioned.
However, to drive up the company’s hashrate amid a riot’s growth in both self-mining and hosted facilities, it still had to sell $14.4 million worth of bitcoin as well as dump an additional 30.6 million shares on the stock market. An additional $267 million was raised. Thus, the company now has assets of $496 million, of which $270 million is cash-on-hand, up from a cash value of $113 million in Q1.
So, even if miners surrender and sell some of their bitcoins, dumping shares in the market, the company remains financially sound. Additionally, it is worth noting that the company still has 6,653 BTC, or about $159 million in treasury.
In fact, the bitcoin mining industry has faced dangerous waters during this market downturn. Large-scale miners such as Core Scientific and Bitfarms sold more bitcoins than were mined during the second quarter. Nevertheless, other miners such as Hut8 and DigiHost continue to hoard every bitcoin they produce.