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Bitcoin Miner Riot Q2 Update Underscores Market Conditions, Holds Over 6,000 BTC

The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.

The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.

  • Riot increased its mining fleet to over 44,000 miners and still has more than 3,000 left to deploy.
  • The company’s bitcoin production rose 107% YoY.
  • A $14 million bitcoin sale and a 30 million share offering strengthened the company’s cash position.

Bitcoin miner Riot[1] released its Q2 bitcoin mining and production update[2] on Tuesday, which highlights ongoing capitulation trends in the bitcoin mining industry, but Riot’s capitulation paid for expansion while others simply needed to stay afloat.

Notably, Riot increased its year-over-year (YoY) BTC production by 107%, resulting in the production of 1,395 BTC valued around $34 million at press time, as opposed to last year’s 675 BTC, or roughly $16 million.

Riot’s production can be attributed to its growing miner fleet. The company currently boasts 44,720 application-specific integrated circuit (ASIC) BTC miners with a hash rate of 4.4 exahash per second (EH/s), which it will expand to 47,511 ASICs outputting near 4.9 EH/s once all of its recently shipped miners are fully deployed.

However, amid Riot’s growth in both self-mining and hosted facilities driving the company’s hashrate, it still had to sell $14.4 million worth of bitcoin along with dumping an additional 30.6 million shares on the stock market, which raised an additional $267 million. Thus, the company now holds assets valued at $496 million with $270 million of that being cash-on-hand, up from its $113 million cash value in Q1.

Therefore, even though

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