Riot Blockchain produced 511 bitcoin in March, a 176 percent increase from the 185 mined a year earlier.
Riot’s increased production comes as the price of Bitcoin has surged to new all-time highs.
Riot is one of the leading Bitcoin miners and its increased production is a positive sign for the cryptocurrency. With more than half a million dollars worth of Bitcoin
In an unprecedented move, Riot has also sold $200 worth of bitcoin during March at an average price of $47,090 each, for a total of roughly $9.4 million.
On 5 March, the firm filed a shelf offering for up to $500 million worth of stock through an “at-the-market” framework.
Blockchain has announced it will be selling its Riot Bitcoin Mining Pool, effective immediately. The move comes as the company looks to focus on its core business of mining Bitcoin.
The Riot Bitcoin Mining Pool was launched in September of 2018 and was one of the first pools to offer merged mining.
Riot added another 1,080 Bitmain S19j Pros in March, deployed 4,440 S19j Pros, and has an additional 5,030 units ready for deployment.
Bitmain also delivered 5,430 more units and Riot expects to get them throughout April.
Riot ended March with 18,370 miners deployed.
Riot has been aggressively expanding its Bitcoin mining operations and is now one of the largest Bitcoin miners in North America.
By the end of this year, Riot intends to have 53,379 miners in operation, with a hashrate of roughly 5.4 EH/s.
The firm expects to have a hashrate capacity of 12.9 EH/s by next January, when all 120,150 Antminer ASICs will be deployed.
Riot’s Bitcoin mining operations are based in the U.S., Canada, and Iceland. Riot plans to use the machines it is buying from Bitmain to expand its footprint in North America and Europe.
Riot’s strategy is to build a large-scale Bitcoin mining business with a low cost of entry and exit.
Riot has been able to achieve some of the lowest costs in the industry by taking advantage of economies of scale, efficient deployment of capital, and access to low-cost power sources.
Riot’s total estimated capacity will be about 600 MW by early next year. The company has already secured 400 MW of power capacity with long-term contracts at an all-in cost below $0.03 per kWh.
Riot Blockchain’s stock price rose slightly in after-hours trading, but slid 7% during the regular session amid a broader sell-off in the bitcoin mining sector.
Marathon Digital (MARA) shares dipped by 9.2%, Hive Blockchain (HIVE) dipped by 5.2%, and Hut 8 (HUT) plummeted by 5.8 percent in After hours, Riot’s stock price is up modestly, whereas it advanced slightly during the regular hour
Presently Riot has a market value of $2.6 billion and is up more than 1,000% over the past 12 months.
Riot went public in October via a reverse merger with a blank-check company. Riot Blockchain is one of the largest U.S.-based bitcoin miners, with operations in North America and Europe.
The company benefits from some of the lowest electricity rates and power costs in the industry by taking advantage of economies of scale, efficient deployment of capital, and access to low-cost power sources.
Bottom line, given the present scenario it appears Riot will continue to perform well in times to come.
This is a good window for those interested in Blockchain investment to make their moves.