Riot Platforms reported a significant, almost 50% increase in its deployed hash rate during June. The company's hash rate in Bitcoin mining rose from 14.7 exahashes per second (EH/s) to 22 EH/s.
This surge enabled Riot, a prominent Bitcoin mining firm, to mine 255 Bitcoin in June. That is a nearly 20% increase from May. The boost in hash rate was attributed to completed miner installations at the Corsicana facility and utilization of additional capacity at the Rockdale Facility.
CEO Jason Les described June as a "historic month" for Riot. The company exceeded its mid-year deployed hash rate target of 21.4 EH/s. Most of the new miners were energized in the final days of June.
Riot retained all Bitcoin mined in June. This brought its total Bitcoin holdings to 9,334, valued at $561.6 million at current prices.
The 255 Bitcoin mined in June, worth $15.3 million, represents a 45% year-on-year decrease. This reduction is due to the infamous halving event in April, which cut the block subsidy by half and thus curtailed the miners' profits.
Riot now ranks as the second-largest Bitcoin miner by hash rate. It has surpassed CleanSpark and Core Scientific, both of which have reported hash rates exceeding 20 EH/s.
Marathon Digital remains the leader with a hash rate of 31.5 EH/s. At least for now. Riot ambitiously aims to increase its total self-mining hash rate capacity to 31.5 EH/s by the end of 2024. We haven't heard of any Marathon Digital plans so far.
In the meantime, Riot isn't going to stop even when its 'arch enemy' is defeated. The company has set an ambitious target of 100 EH/s by 2027 or shortly after. In order to achieve this goal, Riot plans to purchase additional MicroBT miners in the future.