Bitcoin mining company Riot Platforms reported a 23% increase in bitcoin production in October, driven by increased hashrate and operational efficiency.
Riot's Monthly BTC Output Up by 23%; Company Calls October Production 'New Post-Halving Milestone'
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Riot’s Latest Financial Update
Bitcoin mining giant Riot Platforms (Nasdaq: RIOT) recently announced that it mined 505 bitcoins (BTC) in October, a 23% jump from the 412 bitcoins mined in September. In the same month, Riot reported a 5% month-over-month increase in its bitcoin holdings, from 10,427 to 10,928. However, like the previous month, the company did not sell any bitcoin in October.
Riot’s deployed hashrate grew by 5% month-over-month from 28.2 exahash per second (EH/s) in September to 29.4 EH/s in October. The update indicates that the miner’s hashrate has grown by a staggering 152% since October 2023.
Jason Les, CEO of Riot, described the surge in mined bitcoin as a “new post-halving milestone” that demonstrates the company’s improved operational efficiency. He added:
This 23% increase in production from September is a reflection of both the ongoing growth in our deployed hash rate and of the efforts to improve our operational efficiency. During the month of October, our deployed hash rate increased to 29.4 EH/s, driven by new deployments of latest generation MicroBT miners at the Corsicana Facility. We are pleased with the positive operational momentum underway and look forward to continuing this progress.
According to the update, Riot expects to end the fourth quarter of 2024 with a hashrate of 34.9 EH/s and projects further growth in 2025.
Riot’s turnaround after the bitcoin halving, which slashed miners’ revenue, mirrors that of rival MARA (Nasdaq: MARA). MARA reported a month-over-month increase in bitcoin output to 717 bitcoins and a 14% increase in hashrate to 40.2 EH/s in October.
Unlike other miners that have pivoted to artificial intelligence, MARA plans to increase its hashrate to 50 EH/s by the end of 2024. The company aims to achieve this by installing new miners, improving infrastructure, and energizing additional immersion containers.
