Riot Blockchain tripled its output this year and hoarded $194 million in Bitcoin

Riot Blockchain, a publicly traded mining company based in the United States, revealed that its year-to-date Bitcoin production has more than tripled compared to 2020.

According to October 6 announcementSo far, Riot has mined 2,457 BTC (approximately US$135 million) in 2021-an increase of 246% compared to the same period last year.

Production in September increased by more than four times year-on-year. Riot mining generated 406 bitcoins last month, compared with 91 bitcoins in September 2020. As of September 30, 2021, Riot has 3,534 bitcoins ($194.4 million). The company stated that it mines every bitcoin it owns.

Riot claims that it now has a deployment team of approximately 25,646 miners, with a total computing power capacity of 2.6 exahashes per second (EH/s). Riot expects to deploy another 2,000 Bitmain Antminer S19J by early November. Once the new unit is put into use, it is estimated that the total computing power will reach 2.8 EH/s.

Another 4,000 Antminer S19Js will be shipped from Bitmain’s Malaysian factory at the end of October.

Despite Riot’s strong performance in September, the company did not sell any newly mined bitcoins. Riot’s accumulation attracted the attention of MicroStrategy CEO Michael Sayler, WHO Tweet:

“The publicly traded #Bitcoin miners are not selling bitcoins, but accumulating bitcoins. The game has changed.”

Riot also pointed out that its construction Wheatstone factory recently acquired Texas is making progress “round the clock”, and it is expected that the installation of the facility’s fourth 100 MW power substation will be completed in December.

Looking ahead, Riot expects to have a hash rate of 7.7 EH/s by the fourth quarter of next year, and is expected to operate more than 81,000 Antminers by then.

related: This is why Bitcoin mining stocks outperform BTC prices in 2021

Riot is not the only listed mining company that posted strong results in September. Its competitors Marathon Digital Holdings Announced on October 4th that it has been mined 340.6 BTC for this month.

Marathon’s quarterly production increased by 91%, and the company mined 1,252.4 bitcoins (nearly $69 million) in the third quarter of 2020. Marathon estimates that it has 25,272 miners with a total computing power of 2.7 EH/s.

Marathon also won $100 million credit line Cooperated with Silvergate Bank on October 1st.

Marathon’s stock price has risen 254% from US$11 to approximately US$39 this year, while Riot’s stock price has risen 61.5% over the same period, from US$16.48 to US$26.61.