Riot Blockchain Bitcoin Production Increases More Than 400% Year-Over-Year Amid Mining Exodus – Bitcoin News

Riot Blockchain, a Nasdaq-listed mining company, reported on Thursday on its Bitcoin production last month. The company’s numbers were up a little more than 400% year over year due to the increase in mining output. The recent mining crackdown in China is also helping companies like Riot continue to grow. The company plans to further increase its mining resources after acquiring 43,500 miners from Bitmain.

Riot Blockchain increases production

Riot Blockchain, an American bitcoin mining company, released its June production and operations updates on Thursday. The company reported a growth of more than 400% in bitcoins mined compared to the previous year. It produced 243 bitcoins this June, a huge increase from the 48 bitcoins mined in the same month last year. The company produced 1,167 bitcoin this year. These numbers mean an increase of 130% compared to the previous year.

There is one important fact that enables Riot Blockchain to achieve these results: the Chinese mining exodus. With the crackdown on regulators in China, the decline in hash power to secure the network has created an opportunity for some businesses to win. The recent difficulty adjustment, one of the biggest slumps in Bitcoin history, appears to be creating unique ways to get into Bitcoin mining.

This situation is likely to continue for some time before the Chinese mines manage to relocate. A report from Hashrate Index predicts that between 30% and 40% of that hashrate will travel to the US. However, given the logistics surrounding Bitcoin mining, these relocations can be fraught with delays of up to a year.

Expansion plans in motion

Riot Blockchain is already well on the way to expanding its mining operations. Earlier this year, the company announced the purchase of more than 42,000 S19j Antminers from Bitmain for $ 138.5 million. This deal will secure more mining muscle for Riot starting next November. The company also acquired Whinstone, one of the largest bitcoin mining data centers in Texas, in May. This acquisition makes it possible to secure a work location and energy for the acquired miners.

At the time of writing, Riot Blockchain’s stock is trading at $ 32.83. Bitcoin is currently trading at $ 33.8,000.

What do you think of Riot Blockchain’s recent spike in bitcoin production? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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