Riot Platforms Sees 50% Hash Rate Surge in June

In June, Bitcoin mining company Riot Platforms boosted its deployed hash rate by 50%, resulting in the mining of 255 Bitcoin (BTC), a nearly 20% increase compared to May.

Riot’s hash rate jumped from 14.7 exahashes per second (EH/s) to 22 EH/s over the month, thanks to completing miner installations at its Corsicana facility and leveraging additional capacity at its Rockdale Facility.

In a statement on July 3, Riot CEO Jason Les called June a “historic month” as the firm exceeded its mid-year deployed hash rate target of 21.4 EH/s. The energization of these miners primarily occurred in the final days of June.

Riot retained all the Bitcoin mined in June, increasing its total Bitcoin holdings to 9,334 BTC, valued at $561.6 million at current prices.

The 255 Bitcoin mined in June, worth $15.3 million, represents a 45% year-on-year decrease due to the April 20 halving event, which cut the block subsidy by 50%.

Riot now ranks as the second-largest Bitcoin miner by hash rate, overtaking CleanSpark and Core Scientific, which also reported hash rates above 20 EH/s. Riot trails only Marathon Digital, which has a hash rate of 31.5 EH/s.

Hash rate refers to the total computational power used to mine transactions on proof-of-work networks like Bitcoin.

Riot aims to increase its total self-mining hash rate capacity to 31.5 EH/s by the end of 2024. The company has set a target of 100 EH/s by 2027 or shortly after, contingent on fully exercising its option to purchase more MicroBT units.

In addition to mining, Riot earned $6.2 million in power credits in June.

Riot’s share price (RIOT) fell by 1.5% on Wednesday to $9.57, according to Google Finance data. The stock has declined by 37.9% in 2024 and 28.3% over the past 12 months.