- Riot has increased its mining fleet to over 44,000 miners and still has more than 3,000 to deploy.
- The company’s bitcoin output is up 107% year-over-year.
- The $14 million bitcoin sale and 30 million share offering solidified the company’s cash position.
Bitcoin Miners Violence release it Q2 bitcoin production and mining update on Tuesday, this highlights ongoing investment trends in the bitcoin mining industry, but Riot’s investment has to pay for expansion while others just need to maintain buoyancy.
Notably, Riot has increased BTC production year-on-year by 107%, resulting in the production of 1,395 BTC worth about $34 million at press time, as opposed to last year’s 675 BTC, which is roughly the same amount. about 16 million dollars.
Riot’s production can be attributed to their growing pool of miners. The company currently boasts 44,720 application-specific BTC (ASIC) miners with a hash rate of 4.4 exahash per second (EH/s), which will expand to 47,511 ASICs with an output of nearly 4.9 EH /s after all recently shipped miners are fully deployed.
However, as Riot grows both its self-mining and hashrate-boosting storage facilities, it still has to sell $14.4 million worth of bitcoin along with an additional 30.6 million sale. shares on the stock exchange, raising an additional $267 million. As a result, the company now holds $496 million worth of assets with $270 million of that in cash, up from a cash value of $113 million in Q1.
Thus, even though the miner invested and sold some of his bitcoins while dumping shares in the market, the company was still stronger financially. Additionally, it is worth noting that the company still holds a treasury worth of 6,653 BTC, or nearly $159 million.
Indeed, the bitcoin mining industry has gone through dangerous waters during this market downturn. Large scale miners like Core Science and Bitfarms sold more bitcoins than they mined in Q2. However, other miners like Hut 8 and Digithost continue to earn every bitcoin they produce.