In a groundbreaking development for the cryptocurrency mining industry, Riot Platforms, a leading Bitcoin mining company, has reported a remarkable 50% increase in its hash rate capacity within a single month. This achievement, detailed in the company’s Q2 2024 report, not only met but surpassed their projected growth targets for the quarter.
The company’s deployed hash rate soared to 22.0 EH/s by the end of June, marking a substantial leap from 14.7 EH/s in May. This expansion of 7.3 EH/s in just one month is unparalleled among publicly traded mining companies, showcasing Riot’s aggressive growth strategy and operational efficiency.
Jason Les, CEO of Riot Platforms, expressed pride in this accomplishment, stating, “This unprecedented achievement reflects our team’s expertise and dedication. We’ve not only reached but exceeded our Q2 2024 hash rate goal of 21.4 EH/s”.
The significant boost in hash rate capacity was primarily attributed to the energization of new mining equipment at the company’s Corsicana and Rockdale facilities in Texas. Riot is currently developing Phase 1 of its Corsicana Facility, which is expected to provide 400 megawatts of mining capacity upon completion. The facility’s ultimate goal is to reach a staggering 1 gigawatt of total developed mining capacity.
Looking ahead, Riot Platforms has set an ambitious target of achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024. This goal seems well within reach given the company’s current growth trajectory and ongoing expansion efforts.
In addition to its impressive hash rate growth, Riot is also enhancing transparency regarding its energy usage. Les announced that the company will begin providing more detailed information about its power strategy, including monthly power costs by facility, net of power credits.
Despite the challenges posed by the recent Bitcoin halving event, Riot Platforms continues to demonstrate resilience and adaptability in the ever-evolving cryptocurrency mining landscape. As the company pushes forward with its expansion plans, it is poised to maintain its position as a frontrunner in the Bitcoin mining industry.
