The United States’ largest Bitcoin miner Riot Platforms has increased its hash rate by 50% in a single month, according to a Q2 report. In a PR post showing its quarterly update, Riot Platforms revealed it not only hit its second-quarter hash growth target but exceeded it. Riot deployed 7.3 EH/s during June, an approximately 50% increase and the most of any publicly traded miner in a single month.
“June was a historic month for Riot, during which we added an additional 7.3 EH/s to our hash rate capacity in Buildings A1 and A2 at our Corsicana Facility and by utilizing additional available capacity at our Rockdale Facility, bringing total capacity to 22.0 EH/s,” Riot Platforms CEO Jason Les says. “This unprecedented achievement is a reflection of the incredible team and expertise at Riot, and I’m extremely proud to announce that this rapid deployment means that Riot has exceeded our previously announced hash rate goal for Q2 2024 of 21.4 EH/s.
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Riot Platforms Q2 A Huge Success For Bitcoin Mining
According to the Q2 report, Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024. The Riot Platforms CEO also revealed that there will be more transparency with the company’s energy usage. “Starting this month, we will also begin providing greater visibility on the results of our unique power strategy by reporting our monthly cost of power, by facility, net of power credits.”
For context, Hashrate is a measure of the total computational power of all participating nodes in crypto mining. Riot Platforms is growing its already large Bitcoin mining business, with new next-generation miners at their facilities.
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However, CEO Jason Les says that the work isn’t over for Riot Platforms. “The pipeline of immediate growth afforded to us by the one gigawatt of capacity here at Corsicana is a massive advantage for Riot. So we remained focused on our year-end target of 31 EH/s, and we expect to achieve that by year-end, due to the completion of the 400 MW first phase at Corsicana.”
Riot is currently developing Phase 1 of the Company’s second large-scale facility, the Corsicana Facility, which is expected to total 400 megawatts of developed mining capacity upon completion of this initial phase. Once fully developed, the Corsicana Facility is expected to total 1 gigawatt (1,000 MWs) in total developed mining capacity.