Riot Blockchain mined 466 BTC in May

Riot Blockchain, a Nasdaq-listed mining company, mined 466 BTC in May, up 104% from May 2021.

Riot Blockchain Announces May 2022 Production and Operations Updates — Producing 466 #Bitcoin https://t.co/AwciNqJLok#riot #riotblockchain #bitcoinmining

— Riot Blockchain Inc. (@RiotBlockchain) June 2, 2022

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As of May 31, the firm had accumulated cryptocurrency reserves of 6,536 BTC mined in-house. In the previous month, Riot sold 250 BTC and generated net revenue of approximately $7.5 million.

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According to the release, the company’s fleet numbers 43,458 miners with a total hash rate of 4.6 EH/s. Chief Executive Officer Jason Les said that with the deployment of an additional 7,855 machines the figure would rise to 5.4 EH/s.

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In April, the company’s shares, like those of other crypto-related firms, outpaced Bitcoin in the depth of the decline. According to Arcane Research’s new industry metric, Riot’s stock, along with Marathon Digital, were among the most overvalued among public miners.

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In May, Riot’s shares fell 36.62% to $6.87 at the close of trading on June 2.

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Earlier, in the first quarter of 2022, Riot Blockchain mined 1,405 BTC and earned net income of $35.6 million. The figures were a company record.

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