US digital bitcoin mining giant Riot Blockchain quadrupled its mining capacity during September year-on-year. As a result, the company generated 406 bitcoins during the month, which translates into 336% growth compared to September 2020. According to the company's data, last year the amount of BTC mined was 91 BTC in September.
On the other hand, the mining company has over 25,000 state-of-the-art machines, giving it enviable chopping power. For less than two years, the NYSE-listed company has been purchasing large batches of machines from leading manufacturers. It is now one of the giants in the sector, alongside Marathon, Core Scientific and others.
Year-to-date, the company's bitcoin production stands at 2,457 BTC. For the same period in 2020, production was 731 bitcoins. Thanks to this, the firm has consolidated its position as one of the most important in its field. It also stands out as one of those with the highest growth rate.
Riot Blockchain excels in mining capacity
Riot Blockchain's mining capacity is one of the most powerful in the world. It's worth noting that the company is one of the pioneers in the decentralization of bitcoin mining outside China. It's worth remembering that until the beginning of this year 2021, the Asian country was the global epicenter of this activity.
With the new measures and regulations against crypto-currencies, mining was banned on Chinese territory. Since then, Western countries such as Canada and the USA have become more prominent. Currently, hashrate seems to be recovering after the fall represented by Beijing's repressive measures.
As for the aforementioned mining company, it has taken advantage of the low difficulty of the network to increase its production. The company claims to have over 3,500 bitcoins in stock, which it has produced itself using its mining infrastructure.
As a result, Riot Blockchain is in one of its best phases, benefiting from all its mining power. The current rise in the price of bitcoin is boosting its valuation considerably. The company's hashing power amounts to 2.6 EH/s.
The company's new projects
In the coming months, the company's production capacity is set to improve as hash power increases. In this respect, new projects aimed at achieving this goal are highlighted. The most important of these is the refurbishment of the new Whinstone farm, which it acquired last April.
It's the largest mining farm in the West. It was purchased for around $650 million at the time. Now, training of this farm to make it compliant with Riot's requirements is underway.
Riot Blockchain's mining power will thus experience one of the most monumental increases. Not least between now and 2022, when the installation of some 85,000 mining devices purchased from manufacturer Bitmain will begin. These ASICs are different models from the latest S19 series.
