The mining company has significantly increased its Bitcoin (BTC) production during September 2021. The company is not slowing down, with a facility in Texas soon to be up and running and an ambitious goal to increase its current hash power by almost three times.
4 times more Bitcoin in September 2021 for Riot Blockchain: review and outlook
On September 30, 2021, Riot Blockchain reported in a statement about its Bitcoin production for the month of September 2021 that the company mined 2,457 BTC during the year 2021, registering a 246% increase compared to the same period in 2020.
Riot Blockchain mined 406 BTC during September 2021, compared to 91 BTC in the same month in 2020. This is a more than 4-fold increase in production, and on September 30, 2021, the company held 3,534 BTC. All these Bitcoins would come from mining, according to the company.
The company further states that its pool would consist of 25,646 miners delivering a hash power of 2.6 exahashes per second (EH/s). An additional 2,000 Bitmain Antminer S19Js are also expected to be deployed by early November 2021. This would increase the hash power of Riot’s fleet by 0.2 EH/s to 2.8 EH/s.
The company is targeting a hash rate of 7.7 EH/s, a goal it expects to reach before the fourth quarter of 2022.
News here and there for Riot: mining farm in Texas and Bitcoin HODling
Riot Blockchain additionally provided news as to the construction progress of its Whinstone, Texas facility. A fourth electrical substation with 100 megawatts of power is expected to be installed by December 2021.
So RIot Blockchain is performing well for the month of September 2021, with an ambitious outlook for its extraction capacity. The company is among those that caught the attention of MicroStrategy CEO Michael Saylor, as it has not sold any of its freshly mined Bitcoins:
“Publicly traded #Bitcoin miners don’t sell Bitcoin, they hoard it. The game has changed.”
Riot Blockchain continues to invest to produce more and more Bitcoins in the future. In the short term, the wind is even more favorable for the company with the recent surge in the price of Bitcoin, which has made a sustained comeback to $55,000.