Riot Just Mined The Most Bitcoin It Ever Has in a Month

Despite a reduction in its fleet of mining machines and hash rate capacity, Bitcoin mining company Riot today reported it produced 740 BTC last month, its new all-time high.

This is an increase of approximately 62% as compared to 458 BTC the Texas-based company produced in January 2022, and about 12% as compared to the 659 BTC generated in December 2022.

The record number of mined Bitcoin, worth $16.8 million in current prices, came despite the operational disruption the North America-based miners faced at the end of December due to extreme weather conditions.

Riot, which recently dropped "blockchain" from its name to become Riot Platforms, was one of the companies affected by the extreme weather and was forced to temporarily close down its Rockdale facility in Texas.

“Unfortunately, as a result of this damage, our previously announced target of reaching 12.5 EH/s in total hash rate capacity in Q1 2023 is expected to be delayed,” Riot CEO Jason Les said in a statement.

The company said the winter disruptions affected approximately 2.5 EH/s of its hash rate capacity, with a deployed fleet of 82,656 miners reaching a hash rate of 9.3 EH/s as of January 31, 2023.

Decrypt didn’t hear immediately back from Riot Platforms.

Riot eyes hash rate increase

Despite recent headwinds, the company said it hopes to increase its hash rate capacity in the near future.

Last month, Riot deployed 6,912 S19-series miners, while also receiving 5,130 new S19 machines, ending January with approximately 1,152 miners staged for deployment.

Once deployed, the company expects to increase its fleet of mining machines to a total of 83,808 with a hash rate capacity of approximately 9.4 EH/s.

This number, however, may rise further as Riot has 17,040 additional miners that are currently offline in Rockdale’s Building G which was damaged during December blizzards.

“We are thankful for our team’s progress, despite difficult weather conditions, and are evaluating several options to bring online the approximately 1.9 EH/s of hash rate capacity still affected in Building G,” said Les.

Riot also revealed that it held approximately 6,978 BTC as of January 31, 2023, all produced by the company’s mining operations. The company said it sold 700 BTC last month, generating net proceeds of about $13.7 million.