Riot Blockchain Raises Hashrate Guidance by 11.7% for 2022

The miner continues to hold onto its mined bitcoin and expects to increase its hashrate to 8.6 EH/s next year.

AccessTimeIconNov 3, 2021 at 1:27 p.m. UTC
Updated Nov 3, 2021 at 2:14 p.m. UTC

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Riot Blockchain increased its forecast for bitcoin mining computing power guidance to 8.6 exahash per second (EH/s) from previous guidance of 7.7 EH/s for next year, according to a statement on Wednesday.

  • The Castle Rock, Colorado-based miner cited a recently completed $54 million purchase order for 9,000 S19j Pro miners with Bitmain for the increase in its forecast. The mining computers are expected to be delivered and deployed from May through October 2022.
  • Riot also said that the increase in its hashrate guidance doesn’t include any potential benefits from its 200 megawatt immersion-cooled technology, which is expected to increase the mining power of its existing computers.
  • In October, Riot produced 464 bitcoins, which is about a 433% year-over-year increase.
  • Riot said its total year-to-date, self-mined bitcoin production is 2,921, compared to 2,457 bitcoin as of September, which is an increase of 464 bitcoins, implying it is continuing to “hodl” the coins it mined this year.
  • The bitcoin miner said its current hashrate capacity is 2.8 EH/s, which is about 1.6% of the Bitcoin network’s total hashrate of 170.9 EH/s as of Nov. 2, according to data analytics firm Glassnode.
  • On Nov. 2, Riot competitor Marathon Digital said it mined 417.7 bitcoins and continues to hold onto its newly minted coins.
  • The shares of both Riot and Marathon were down about 2.5% in early U.S. trading, as bitcoin fell 1.2% on Wednesday.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC