According to the Q2 report, Bitcoin mining company The largest US miner Riot Platforms has increased its hash rate by 50% in just one month.
In a PR post showing its quarterly update, Riot Platforms revealed that it not only met its hash growth target for Q2, but exceeded it. Riot deployed 7.3 EH/s in June, an increase of about 50% and the highest increase among publicly traded mining companies in a single month.
“June was a historic month for Riot, during which we added 7.3 EH/s to the hashrate capacity at Buildings A1 and A2 at our Corsicana Campus, and by using additional available capacity at our Rockdale Campus, brought our total capacity to 22.0 EH/s,” said Riot Platforms CEO Jason Les. “This unprecedented achievement reflects the incredible team and expertise at Riot, and I am incredibly proud to announce that this rapid deployment means Riot has exceeded our previously announced hashrate target for Q2 2024 of 21.4 EH/s.
According to the Q2 report, Riot expects to reach a total self-mined hashrate of 31 EH/s by the end of 2024. The Riot Platforms CEO also revealed that there will be more transparency into the company’s energy usage. “Starting this month, we will also begin providing greater visibility into the results of our unique energy strategy by reporting our monthly energy costs, on a per-unit basis, net of energy credits.”
To put it more simply, Hashrate is a measure of the total computing power of all nodes involved in mining a cryptocurrency. Riot Platforms is expanding its already large Bitcoin mining operation, with next-generation miners at its facilities.
But CEO Jason Les said the work isn’t done for Riot Platforms. “The immediate growth pipeline we have with the one gigawatt capacity in Corsicana is a huge advantage for Riot.
So we remain focused on the year-end target of 31 EH/s and we hope to achieve that by the end of the year, as the first 400 MW phase at Corsicana is completed.”
Riot is currently developing Phase 1 of the Company’s second large-scale facility, the Corsicana Facility, which is expected to have a total developed mining capacity of 400 megawatts upon completion of this initial phase. When fully developed, the Corsicana Facility is expected to have a total developed mining capacity of 1 gigawatt (1,000 MW).
