Riot Blockchain Mines 466 Bitcoin In May 2022

Riot Blockchain, Inc. (Nasdaq: RIOT) reported on Thursday evening its production updates for May 2022. The results highlighted mining 466 bitcoin over the course of the month, a dip from its April 2022 production of 508 bitcoin but an increase over its May 2021 production of 228 bitcoin.

The company has produced a total of 2,379 bitcoin in 2021, pushing the digital asset up to 6,536 bitcoin held in custody as of month-end. This holds a value of US$199.4 million as of this writing.

MonthBitcoin Production
January 2022458
February 2022436
March 2022511
April 2022508
May 2022466

The blockchain firm also sold 250 bitcoin during the month for total net proceeds of approximately US$7.5 million.

Currently, the firm has a fleet of 43,458 miners, sustaining a 4.6 EH/s hashrate capacity. During the month, the company deployed 1,086 S19j-Pro miners. Anticipating the additional 7,855 miners staged for deployment, the firm expects the hashrate to go up to 5.4 EH/s.

This will be offset by the temporary decommissioning of 4,000 S17-Pro miners up for refurbishment, corresponding to 225 PH/s of the company’s hashrate.

The crypto miner still targets to achieve approximately 12.6 EH/s hashrate by January 2023, assuming full deployment of approximately 116,150 Antminer ASICs.

Earlier this month, the company announced the retirement of its CFO Jeff McGonegal effective August 15, 2022. Head of Corporate & Financial Operations Colin Yee, who joined the company in April 2022, is expected to succeed McGonegal.

Riot Blockchain last traded at US$21.44 on the Nasdaq.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

By The Numbers: Bitcoin Miners Are Burning Cash On Each Coin Mined

The trouble with bitcoin, is that it doesn’t make economical sense to mine it. With...

Wednesday, November 23, 2022, 03:44:47 PM

Bitcoin Miners Dramatically Outperformed Bitcoin Over The Last Six Months

Given the explosive performance of Bitcoin over the past six months, and the even more...

Wednesday, January 20, 2021, 11:57:00 AM

Riot Blockchain Ends 2021 With US$213.2 Million In Revenue, US$7.9 Million Net Loss

Riot Blockchain, Inc. (Nasdaq: RIOT) reported late Wednesday its financial results for 2021. The results...

Thursday, March 17, 2022, 09:28:00 AM

Riot Blockchain Mines 406 Bitcoin In September 2021

Riot Blockchain, Inc. (Nasdaq: RIOT) reported on Tuesday its production updates for September 2021. The...

Wednesday, October 6, 2021, 11:22:00 AM

Riot Blockchain Ends Q3 2021 With US$64.8 Million In Revenue, US$15.3 Million Net Loss

Riot Blockchain, Inc. (Nasdaq: RIOT) reported late Monday its financial results for Q3 2021. The...

Tuesday, November 16, 2021, 10:32:00 AM