Riot Blockchain has released an untested production and operational update for November 2022. Theo releasethe company produced 521 BTC, a 12% increase from the production of 466 BTC in November 2021. It sold 450 BTC, generated a net proceeds of $8.1 million and has a team consists of 72,428 deployed miners with a hash rate capacity of 7.7 exahash per second (EH/s) on Nov.
Jason Les, CEO of Riot said, “Riot once again hit a new record for total hash rate power in November, resulting in our highest monthly bitcoin production figure to date. .” He heralized this positivity, saying, “Despite this new level of production, output is expected to be around 660 bitcoins with our active hash rate for the month, assuming average performance. usually of the mining pool that we join. The variance within the mining pool can influence the results, and although this variance will balance out over time, it may not be stable in the short term. This discrepancy resulted in a lower than expected bitcoin yield in November compared to our hash rate.”
Bitcoin’s hash rate has dropped in recent months, hit a new all-time high and effectively make miners who don’t use advanced equipment unprofitable. This in turn has a impact on public companies to this market.
To build a better outlook for their production, Les stated in the release, “To ensure more predictable results in the future, Riot will be moving to a different mining pool. provide a more consistent reward mechanism, so that Riot will fully benefit from us. hash rate capacity is growing rapidly as we aim to reach 12.5 EH/s in the first quarter of 2023.”
The report does not specify which mining pool Riot will now direct its miners to.
Looking ahead, Riot looks to achieve a total self-mining hash rate capacity of 12.5 EH/s in Q1 2023, assuming a full deployment of around 115,450 Antminer ASICs.
However, this does not include any potential productivity gains from using the company’s 200 MW of immersion cooling infrastructure. Much of Riot’s self-mining fleet will consist of the latest S19 series miners. In addition to its self-mining operations, the company has around 200 MW of institutional clients that mine Bitcoin.
