Riot Platforms, Inc. has announced a significant increase in Bitcoin mining output for October 2023. Producing 458 Bitcoin, the company marked a 26% rise from September. This increase comes alongside an expansion in Riot's hash rate and the number of miners deployed. Additionally...
Riot Platforms, Inc. has announced a significant increase in Bitcoin mining output for October 2023. Producing 458 Bitcoin, the company marked a 26% rise from September. This increase comes alongside an expansion in Riot's hash rate and the number of miners deployed.
Additionally, Riot reported an 8% month-to-month growth in its deployed hash rate capacity, reaching 11.7 EH/s. The company is also deploying new mining technology, having replaced certain older models with MicroBT’s latest M60 series miners. This strategic upgrade ensures Riot's mining fleet remains at the forefront of technological development, according to riotplatforms.
The update reflects Riot’s broader strategic aims, as the company positions itself to capitalize on the expected hash rate growth. By mid-2024, following the full deployment of an initial order from MicroBT, Riot anticipates their self-mining hash rate capacity will hit 20.2 EH/s. Moreover, in October, the company managed to generate additional revenue through Power and Demand Response Credits, equating to approximately 93 Bitcoin, by leveraging their power strategy effectively.
The October surge aligns with seasonal changes; as Texas cooled, grid demand lowered, allowing Riot to ramp up operations. This operational efficiency reflects in their financial strategy as well, with Bitcoin sales generating net proceeds of $12.5 million, a substantial increase from previous months.
Riot’s advancements come ahead of its financial results for the third quarter of 2023. These results are eagerly anticipated by investors and industry observers alike, as Riot continues to enhance its infrastructure and secure its position as a leader in the Bitcoin-driven digital landscape.