Riot Platforms, the largest Bitcoin miner in the United States increased its hashrate by 50% within a single month, surpassing its second-quarter target.
Steady lads, deploying more hashrate
In June, Riot Platforms achieved a total hashrate of 7.3 EH/s, which is the highest growth rate among publicly traded miners in just one month.
The company’s goal is to reach a total hashrate of 31 EH/s by the end of 2024. They’re ont he right path, that’s sure!
Shopping spree
In June last year, Riot signed a long-term purchase agreement with MicroBT, initially ordering 33,280 immersion miners for their Corsicana Facility, followed by an additional 66,560 devices few months later, and another 31,500 for a different location.
From the third order, approximately 17,000 miners will replace older machines at the Rockdale facility, while the remaiining 14,500 will support their mining operations at the same site.
These three purchases are expected to add 28 EH/s to Riot’s mining capacity.
Deployment of miners at the Corsicana Facility has begun and is expected to be completed by the second half of 2025, but the deployment at the Rockdale Facility is underway and should be finished by Q3. Once fully deployed in 2025, Riot anticipates a mining hashrate of 41 EH/s.
Power games
Jason Les, CEO of Riot, highlighted June as a historic month for the company, adding 7.3 EH/s to their capacity at the Corsicana and Rockdale facilities, bringing the total capacity of the company to 22.0 EH/s.
Starting this month, Riot will provide detailed reports on the monthly cost of power by facility, net of power credits.
Les shared that in June, Riot earned $6.2 million in power credits, reducing their net power cost to approximately 2.4 cents/kWh at Rockdale and 3.9 cents/kWh at Corsicana.
This combined power cost of 2.6 cents/kWh is among the lowest in the industry.
Riot’s power strategy focuses on being a flexible power consumer, using power when it is cheap and abundant, and powering down during peak periods or when grid operators need to balance demand.
Riot is currently developing Phase 1 of its second large-scale facility, the Corsicana Facility, which will have 400 megawatts of mining capacity when completed, but the facility is expected to reach a total mining capacity of 1 gigawatt, 1,000 MW when fully developed.
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