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.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 released its Q2 bitcoin mining and production update on Tuesday, which highlights ongoing capitulation trends in the bitcoin mining industry, but Riot’s capitulation....
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The miner now holds nearly 4,000 bitcoin and expects to reach a hash rate capacity of 8.6 EH/s in 2022.
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The $650 million deal sees Riot Blockchain acquiring a major data center owned by Northern Data AG, one of its competitors. Riot Blockchain is continuing its Bitcoin (BTC) mining expansion efforts. Reports suggest that the U.S.-based miner is set to purchase Whinstone US Inc, currently owned by Northern Data.The planned purchase was announced via a press release by Riot Blockchain on Thursday, with the U.S. Bitcoin miner paying $80 million in cash. The remainder will come from the sale of about 12% of its stock to Northern DAG.Whinstone reportedly operates the single largest Bitcoin mining....
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Riot Blockchain will begin developing a 1 GW facility in Navarro County, Texas expected to create 270 jobs and drive economic growth during its first phase.