Riot Blockchain Reports Record 521 BTC Mined in November

In November, the mining company Riot Blockchain mined a record 521 BTC and increased its hash rate to a peak of 7.7 EH/s.

Riot Produces Record 521 #Bitcoin and Achieves New All-Time High Hash Rate Capacity in November 2022.

Read Riot’s Monthly Production and Operations Press Release here: https://t.co/QRWfgLCTbf.

— Riot Blockchain Inc. (@RiotBlockchain) December 5, 2022

According to Riot CEO Jason Les, the expected mining output based on the company’s metrics was around 660 BTC. He attributed the deviation to the performance of the mining pool to which the equipment is connected.

“To ensure more predictable results in the future, Riot will move to a different mining pool, which offers a more consistent reward mechanism, in order to fully capitalise on our growing hash rate. We are working toward the goal — 12.5 EH/s in the first quarter of 2023,” said Les.

During the month, the company sold 450 BTC, generating net revenue of about $8.1 million. The firm’s cryptocurrency reserves reached 6,897 BTC.

In November the company received 10,512 new Antminer S19 Bitcoin miners from Bitmain. It deployed 6,912 devices, roughly the same number ready for installation. After completion, the fleet of active miners will reach 79,340 with a total hash rate of 9.7 EH/s.

In December the company began receiving another batch of 5,019 Antminer S19 units.

According to Riot’s statement, construction and engineering teams in November “made significant progress” in expanding the company’s the company’s data centre in Rockdale (Texas). The specialists completed the external structures for two new buildings.

Earlier in the third quarter, Riot produced 1,042 BTC and earned $13.1 million from returning to the grid. The company calculated that this was equivalent to mining 760 BTC.

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