Riot Blockchain, one of North America’s largest Bitcoin mining companies, claims it set a record for hashrate and Bitcoin output in Nov. Although, the production still lags as compared to the hashrate.
Riot published its monthly operational update for the month of Nov. The stock market cap (RIOT) was $770 million as of Dec. 6. It peaked in Feb. 2021, just under a $6 billion market cap company, showing that they are down by 80%.
Analyzing the firm’s Nov. report, Riot produced a milestone of 521 Bitcoin and achieved a new all-time high hash rate capacity, a 12% increase from their Nov. 2021 numbers. Their previous record was in March 2022 at 511.
Comparing the hashrate capacity, Riot increased from 6.9 exahash per second (EH/s) on Oct. 22 to 7.7 exahash per second (EH/s) within the 30 days of Nov. Riot plans to increase this capacity to 12.5 exahash per second (EH/s) by the end of Q1 2023. To ensure more predictable results in the future, Riot will be transitioning to another mining pool that offers a more consistent reward mechanism.
The official release didn’t give details on the desired pool.
The global hash rate remains high at 255 EH/s and still increasing. Whereas, the network difficulty declined by more than 7% to 34.24T. Thus, making it the most significant drop since July 2021. Miners have struggled to survive, given adverse factors such as high electricity prices, inflation, and others.
Riot’s hash rate is significantly higher than the difficulty level. This signals that the firm lagged in production. CEO Jason Les, while mentioning this feat, also acknowledged that Riot did not meet the expected output of 660 Bitcoin, considering the operating hash rate. It was off by about 20%.
Miner Has Third-Biggest Bitcoin Holding
Overall, Riot Blockchain possesses the third most amount of Bitcoin on their balance sheet, with Marathon and Hut being the only two miners with more.
While the production figures might be a miss, Riot’s revenue for the period was more than $8 million. A significant increase from the Q3 2022 report.