The past couple of weeks have once again experienced an increase in mining rate after the global crack against cryptocurrencies, bitcoin in particular. In a recent development, public mining firm Blockchain has tripled its Bitcoin production. The company’s this year Bitcoin production has experienced rapid increase as Riot Blockchain is stockpiling $194M in Bitcoin.
The U.S based publicly listed company Riot Black has shared their data in comparison from the year 2020. The data being published on October 6th concluded that, Riot has mined around 2,457 BTC valued around $135 million, as per now in the financial year 20201, this is so far- a 246% increase as compared with company’s mining percentage of the financial year 2020.
The data also revealed as of September .30,2021, the company had around 3,534 Bitcoin ($194.4 million) in its reserves. The firm further added that every single Bitcoin it has in its reserves is solely owned by the company.
The company also added that they have deployed a team of roughly 25,646 miners representing the hash rate capacity of 2.6 exahashes per second (EH/s). Riot has also installed hashing system across the various places of the globe. However, by the end of the month of November, the company has announced to add 2,000 more bitcoin miners to its team. This act will take company’s bitcoin hashing power to 2.8 EH/s.
Apart from that additional 4,000 Antminer will be hired for the shipment from company’s Malaysian facility, however, this would be done by the end of the month of October. One of the biggest reason that all the bitcoin mining companies including Riot Blockchain has increased their Bitcoin mining rate is that bitcoin has shown stable growth in terms of price hikes. As of this writing, Bitcoin has touched $50K mark. In future it is expected that prices of Bitcoin will further rise up. Riot Blockchain has not sold a single Bitcoin the company has hashed in the month of September.
It indicates that Riot Blockchain is stockpiling its Bitcoin reserves, the primary reason behind this act is the raise in the price of Bitcoin in near future. These large reserves in the possession means even the slightest of increase in the price would benefit Riot Blockchain.
Michael Saylor, the CEO of MicroStrategy responded on the situation:
“The reason publicly listed bitcoin miners are not selling bitcoin is that game has changed.”
As of this writing, Riot’s future plans to take its hash rate to 7.7 EH/s before the end of the fourth quarter of the financial year 2021. The way Bitcoin is recovering its price it seems that other top bitcoin miners would also enhance their hashrate as well.