Industry leader Riot has announced impressive production updates for the month of January 2023. The self-mining operation saw a significant increase of 62%, with a record-breaking 740 Bitcoin (BTC) produced, compared to 458 BTC produced in January 2022.
Riot Bitcoin Mining Continues To Soar Despite Winter Storm Setbacks
Riot CEO Jason Les expressed pride in the company’s month-over-month increases in total Bitcoin production, with a new record of 740 Bitcoin produced in January.
Additionally, Les acknowledged the damage caused by the winter storms and its impact on the deployed fleet and hash rate capacity.
However, despite a reduction in the company’s deployed fleet and hash rate capacity caused by the severe winter weather in Texas, Riot managed to sell 700 BTC and generate a net gain of $13.7 million.
As of January 31st, Riot held approximately 6,978 BTC with a deployed fleet of 82,656 miners and a hash rate capacity of 9.3 exahash per second (EH/s).
Riot received 5,130 new S19-series miners in January and deployed 6,912 miners, with an estimated 1,152 miners staged for deployment.
Upon deployment, Riot’s total number of miners will reach 83,808, excluding 17,040 currently offline due to building damage. The company is evaluating options for further hash rate growth at its Corsicana facility.
Building D of Riot’s air-cooled facilities has reached completion with miners deployed, while construction and engineering teams continue work on Building E.
The company’s estimated hash rate growth may be delayed due to the winter storm damage to Buildings F and G. Repairs are ongoing, and Riot will provide updated information on deployment timelines as they become available.
CEO of Riot, Jason Les, said:
Unfortunately, as a result of this damage, our previously announced target of reaching 12.5 EH/s in total hash rate capacity in Q1 2023 is expected to be delayed. We will provide additional updates as we obtain greater clarity on the impact to our planned deployment schedule.
Additionally, the company’s mining operations are supported by its robust data center infrastructure, with its Corsicana facility undergoing expansion to accommodate planned hash rate growth.
Moreover, the company concluded its miner purchase agreement with Bitmain Technologies Ltd and is evaluating options for further hash rate growth.
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