Riot Blockchain Raises 2022 Hashrate Guidance for Second Time in a Month

One of the largest bitcoin miners, Riot Blockchain (RIOT), raised its 2022 guidance for its mining power to 9.0 exahash per second (EH/s) from the previous forecast of 8.6 EH/s, marking the second increase to its 2022 guidance within a month.

  • Riot attributed the increase to the purchase of 3,000 of Bitmain’s latest mining machines, the S19XP, which are expected to be delivered and deployed by December of next year, according to a statement.
  • The miner noted that the increase in its hashrate guidance doesn’t include any potential benefits from the adoption of its 200-megawatt immersion-cooled technology, which is expected to increase the mining power of its existing computers.
  • Riot also said that it mined 466 bitcoins in November, rising about 298% year-over-year but only a very slight increase from the 464 bitcoins it mined in October.
  • As of Nov. 30, the company held about 4,464 bitcoins and has mining power of 3 EH/s, which is about 2% of the total Bitcoin network’s hashrate of 149 exahash per second, according to data analytics firm Glassnode as of Dec. 1.
  • The shares of the miner were up slightly in post-market trading, after the shares of many crypto miners tumbled during normal trading hours on Thursday as crypto prices fell.

Read more: Bitcoin Miner Riot Blockchain Buys Electrical Equipment Provider ESS Metron for $50M

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