Riot Blockchain, a well-known Bitcoin (BTC) mining company, published unaudited production and operations updates for November 2022 on December 5th, revealing that it generated 521 BTC, up almost 12% from the last year’s November.
According to the press release, At the end of November 2022, Riot had about 6,897 BTC, all of which came from its own mining activities. It made a total profit of around $8.1 million on the sale of 450 BTC.
Additionally, the mining company “Achieves New All-Time High Hash Rate Capacity in November 2022.” As of November 30th, it deployed a fleet of 72,428 miners with a 7.7 exahash per second (“EH/s”) hash rate capability.
CEO of Riot, Jason Les, said that “despite this new level of production” (521 BTC), it was predicted that they would produce around 660 Bitcoin given their operational hash rate over the course of the month and assuming their mining pool’s functioning would return to normal.
However, given the variations within a mining pool, especially during periods where there is an increase in overall activity (such as November), they found themselves producing less bitcoin than projected.
He also asserts that to ensure stable and sustainable growth in the future, Riot will be changing mining pools to offer a more consistent payout mechanism so that the company can reach its goal of achieving 12.5 EH/s by the end of Q1 2023.
Riot’s Bitcoin Mining Deployments
In November, Riot received 10,512 new S19-series miners, increasing their fleet by 6,912 units. There are also an additional 6,912 mines waiting to be deployed. Upon deployment, they can expect 79,340 miners running with a hash rate capacity of 9.7 EH/s.
Alongside this, another shipment of 5,019 S19-series miners has been shipped out and is expected to arrive in December 2022. Moreover:
Riot’s construction and engineering teams made significant headway in November, with all exterior structures at the Rockdale Facility now complete.
The most recent generation of S19-series miners will make up a large portion of the company’s self-mining fleet, according to the press release. However, along with its own mining activities, the company also serves over 200 MW of institutional Bitcoin mining customers.
The press release also claimed that if Riot ultimately deploys roughly 115,450 Antminer ASICs and excludes any potential productivity gains from their deployment of 200 MW of immersion cooling infrastructure into account, it anticipates a total 12.5 EH/s mining capacity for the first quarter of 2023.
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