Riot Blockchain's Bitcoin production jumps more than 400% year-on-year

The American Bitcoin mining company reported growth on the bitcoin mined of more than 400% year-on-year.

Riot Blockchain's Bitcoin production jumps more than 400% year-on-year

Riot Blockchain has produced 243 bitcoin this June, a big increase from the 48 bitcoin mined in the same month last year. The mining company has produced a total of 1,167 bitcoin this year. These numbers represent an increase of 130% compared to last year.

Colorado headquartered American bitcoin mining company has captured a massive surge with the favor from Chinese mining exodus following the regulatory crackdown in China, the decrease of hash power securing the network created a profit opportunity for some companies.

The recent difficulty adjustment, one of the biggest drops in Bitcoin history, seems to be creating unique opportunities to get into bitcoin mining. This situation is expected to continue till Chinese mines manage to relocate

A report from Hashrate Index predicts that between 30% and 40% of this hashrate will shift to the U.S. However, the relocations may take time up to one year considering the logistics that surround Bitcoin mining.

Riot Blockchain is already on its way to expanding mining operations with the company announced the purchase of more than 42,000 S19j Antminers earlier this year.

Back in May, the company has also acquired Whinstone, one of the biggest bitcoin mining operation data centers in Texas. The acquisition will allow to secure a working location and energy for the acquired miners.

Read: Cryptocurrency related ads are no longer allowed on TikTok

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0