Riot Blockchain Reports 346% Rise In Bitcoin Production In September: What You Need To Know

Riot Blockchain, Inc. (NASDAQ: RIOT) said that its Bitcoin (CRYPTO: BTC) production in September surged about 346% from a year ago.

What Happened: Riot Blockchain said it produced 406 bitcoins in September, a four-fold increase compared to its September 2020 production of 91 bitcoins.

The company also said it mined 2457 BTC as of September-end this year, which represents a nearly 236% increase compared to the same period last year.

As of Sept. 30, Riot held about 3534 bitcoins that were produced entirely by its self-mining operations. The company has a deployed fleet of about 25,646 miners, with a hash rate capacity of 2.6 exahash per second (EH/s).

Looking ahead, Riot Blockchain projects a self-mining total hash rate capacity of 7.7 EH/s by the fourth quarter of 2022, assuming full deployment of about 81,150 Antminers acquired from Bitmain.

See Also: If You Invested $1,000 In Riot Blockchain Stock One Year Ago, Here's How Much You'd Have Now

Why It Matters: Riot Blockchain’s strong production results highlight the rapid growth of the Bitcoin mining industry amid the growing popularity of cryptocurrencies.

Bitcoin mining firm Hive Blockchain Technologies Ltd. (NASDAQ: HIVE) on Tuesday reported a 466% year-over-year increase in its mining revenue for the first quarter.

Bitcoin and other cryptocurrencies are gaining increasing relevance in mainstream circles as an investment option and in day-to-day activities.

The boom in crypto mining this year also led to crypto miners acquiring a large number of chips, resulting in a massive shortage of GPUs worldwide.

Price Action: Riot Blockchain’s shares closed 4.3% higher in Tuesday’s trading at $26.34.

Bitcoin is up almost 3.7% during the past 24 hours, trading at $51340.54 at press time on Wednesday.

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