{"id":7551,"date":"2022-08-16T14:13:22","date_gmt":"2022-08-16T14:13:22","guid":{"rendered":"http:\/\/ci02a8e610600026a3"},"modified":"2022-08-16T14:13:22","modified_gmt":"2022-08-16T14:13:22","slug":"riot-blockchain-releases-q2-bitcoin-mining-update","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/riot-blockchain-releases-q2-bitcoin-mining-update","title":{"rendered":"Bitcoin Miner Riot Q2 Update Underscores Market Conditions, Holds Over 6,000 BTC"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Riot increased its mining fleet to over 44,000 miners and still has more than 3,000 left to deploy. <\/li>\n<li>The company\u2019s bitcoin production rose 107% YoY. <\/li>\n<li>A $14 million bitcoin sale and a 30 million share offering strengthened the company\u2019s cash position.<\/li>\n<\/ul>\n<p>Bitcoin miner <a href=\"https:\/\/bitcoinmagazine.com\/tags\/riot-platforms\">Riot<\/a> released its <a href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/08\/15\/2498671\/0\/en\/Riot-Reports-Second-Quarter-2022-Financial-Results-Current-Operational-and-Financial-Highlights.html\" target=\"_blank\" rel=\"noopener\">Q2 bitcoin mining and production update<\/a> on Tuesday, which highlights ongoing capitulation trends in the bitcoin mining industry, but Riot\u2019s capitulation paid for expansion while others simply needed to stay afloat. <\/p>\n<p>Notably, Riot increased its year-over-year (YoY) BTC production by 107%, resulting in the production of 1,395 BTC valued around $34 million at press time, as opposed to last year\u2019s 675 BTC, or roughly $16 million. <\/p>\n<p>Riot\u2019s production can be attributed to its growing miner fleet. The company currently boasts 44,720 application-specific integrated circuit (ASIC) BTC miners with a hash rate of 4.4 exahash per second (EH\/s), which it will expand to 47,511 ASICs outputting near 4.9 EH\/s once all of its recently shipped miners are fully deployed.<\/p>\n<p>However, amid Riot\u2019s growth in both self-mining and hosted facilities driving the company\u2019s hashrate, it still had to sell $14.4 million worth of bitcoin along with dumping an additional 30.6 million shares on the stock market, which raised an additional $267 million. Thus, the company now holds assets valued at $496 million with $270 million of that being cash-on-hand, up from its $113 million cash value in Q1. <\/p>\n<p>Therefore, even though the miner capitulated and sold some of its bitcoin while dumping shares on the market, the company is financially stronger. Additionally, it is worth noting the company still holds a treasury of 6,653 BTC, or nearly $159 million. <\/p>\n<p>Truly, the bitcoin mining industry has traversed dangerous waters during this market downturn. Large-scale miners like <a href=\"https:\/\/bitcoinmagazine.com\/tags\/core-scientific\">Core Scientific<\/a> and <a href=\"https:\/\/bitcoinmagazine.com\/tags\/bitfarms\">Bitfarms<\/a> sold more bitcoin than they mined during Q2. Nevertheless, other miners such as <a href=\"https:\/\/bitcoinmagazine.com\/tags\/hut-8\">Hut 8<\/a> and <a href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/08\/02\/2490247\/0\/en\/Digihost-Announces-Infrastructure-Buildout-of-55-MW-Site-in-Alabama-and-Provides-Monthly-Bitcoin-Production-Update.html\" target=\"_blank\" rel=\"noopener\">Digithost<\/a> continue to hodl every bitcoin they produce.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.<\/p>\n","protected":false},"author":2785,"featured_media":3214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[76,189,2048,488,195,93,914],"class_list":{"0":"post-7551","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitcoin","9":"tag-bitcoin-mining","10":"tag-bitfarms","11":"tag-core-scientific","12":"tag-hut-8","13":"tag-news","14":"tag-riot-platforms"},"author_data":{"id":2785,"name":"Shawn Amick","nicename":"shawn-amick","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/MjEwMTYzMzc3Njg5ODYzNjQ2-96x96.webp"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/miner-speech-transaction-broadcast.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=7551"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/7551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/3214"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=7551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=7551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=7551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}