Chinese crackdown good news for Riot Blockchain with a 400% increase in Bitcoin mined
American Bitcoin mining company, Riot Blockchain, have shared its Production and Operations updates for the month of June. The miner has reported staggering growth numbers and have mined over 400% Bitcoin year-on-year.
This year the company produced 243 Bitcoin versus 48 bitcoin mined in the same month last year. So far this year the company has added 1,167 Bitcoin to the totals. This already accounts to an increase of 130% compared to last year.
Riot Blockchain has been able to take advantage of the recent Chinese mining exodus that followed the regulatory crackdowns in China. As a key contributing factor to its growth numbers, the decrease of hash power securing the network has proven to be a huge opportunity for Riot to expand their operations. The recent difficulty adjustment for miners, also created a unique opportunity for Riot as well as allowing new entrants to Bitcoin mining.
So where is all this Chinese mining power going to?
A report from Hashrate Index predicts that between 30% and 40% of the “Chinese” hashrate will relocate to the U.S. Until this move has fully been completed, opportunities will remain present. While most of the mining equipment is still travelling in containers, there are some that say part of this mining power might divert to South American countries, following recent favorable developments on the continent to take advance of clean energy sources..
Earlier in the year, Riot Blockchain announced the expansion of its operations with the purchase of more than 42,000 S19j Antminers from Bitmain for $138.5 million. The added muscle is expected to be operational starting this November. In addition, Riot acquired one of the biggest bitcoin mining operation data centers in Texas, Whinstone, thereby paving the way for its operational expansion.
Riot Blockchain are one of the large miners represented in the Bitcoin Mining Council that was launched in June to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide.” The group will also educate industry stakeholders.
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Author: Peter Siu