Public mining firm Riot Blockchain more than triples its yearly Bitcoin production

As China’s crackdown on crypto including crypto mining, US-based public listed mining firm Riot Blockchain has more than tripled its yearly mined Bitcoin.

Riot revealed this during a press release on Wednesday (Oct. 6). The firm said that it had mined 2,457 BTC, which translates to a worth of about $315 million at the time.

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By the end of September 2021, it had accumulated about 3,534 BTC coins.

Going by the amount of Bitcoin it had mined by the same time in 2020, its Bitcoin production has increased by 246% this year.

Most specifically, Riot’s BTC production in September more than quadrupled compared to last year’s September production. In September 2020, Riot had only mined 91 BTC coins which it had mined compared to 406 BTC mined in the September of 2021.

The increased BTC production has played a large role in trying to fill in the gap left by the disrupted BTC miners in China.

Riot has deployed about 25,646 miners

The firm currently has a deployed fleet of about 24,646 BTC miners with a total combined hash rate capacity of 2.6 EH/S (exahashes per second).

By end of October Riot also intends to have an additional 4,000 Bitmain Antminer S19Js, which have already been slated for shipment from Malaysian Bitmain’s facility.

A further 2,000 Bitmain Antminer S19Js are also expected in early November bringing the total hash rate to 2.8 EH/S once all the new miners are installed.

Riot did not sell any of its newly mined BTC

What has caught the attention of investors is that despite the strong performance in Bitcoin mining, Riot does not sell its mined BTC. It prefers holding on to them.

MicroStrategy CEO Michael Saylor in a tweet about Riot’s BTC accumulation said:

“Publicly traded #Bitcoin miners aren’t selling Bitcoin, they are accumulating Bitcoin. The game has changed.”

However, it is worth noting that Riot is not the only publicly listed mining company whose BTC mining has increased. Marathon Digital Holdings, for example, on Monday also announced that it had mined about 340.6 BTC for the past month. It also revealed that it has made a 91% increase in its quarterly BTC production.