Bitcoin Miner Riot Blockchain Hits Record Hashrate ATH in 2022
• Riot Blockchain achieved an all-time high of 9.7 EH/s in hash rate capacity and mined 5,554 BTC in 2022.
• Despite the bear market, the miner’s total revenue for 2022 was nearly $260 million, a 22% increase compared to 2021.
• CEO Jason Les described Riot’s performance as „remarkable“ due to the reached ATH in hash rate capacity, successful expansion at Rockdale Facility and maintaining a „strong financial position“.
Riot Blockchain: Record Hash Rate Capacity
Riot Blockchain hit an all-time high of 9.7 EH/s in hash rate capacity and mined 5,554 BTC in 2022. The Colorado-based bitcoin miner reported a total revenue of nearly $260 million for 2022 – a 22% increase compared to 2021 despite the devastating bear market that reigned during most of the year. CEO Jason Les described Riot’s performance as „remarkable“ due to reaching an all-time high (ATH) in hash rate capacity and successfully expanding their Rockdale Facility while maintaining a strong financial position.
2022 vs 2021 Performance
Riot produced 46% more bitcoin in 2022 than they did in 2021 however; the crypto market collapse affected its BTC mining revenue which stood at $156 million compared to $184 million registered the year before. This drop can be attributed to shrunk production levels during summer due to extreme heatwave conditions.
All-Time High Hash Rate Capacity
The impressive performance was made possible by increasing their hash rate capacity from 3.1 EH/s on December 31st 2021 to an ATH of 9.7 EH/s by end of 2022 – effectively tripling their capacity during this period! The team also completed three new buildings at their Rockdale Facility with a fourth one nearing completion by Q1 2023 – further strengthening their infrastructure and operations capabilities.
Heat Wave Impacts Production Levels
In spite of achieving record milestones, Riot’s shrunk production levels during summer were impacted by extreme heat wave conditions which hindered efficient operations for several weeks during this period – resulting into reduced profits relative to previous years’ performances but still managing positive gains overall!
Positive Results Despite Bear Market
Overall, despite facing numerous challenges throughout 2020 such as bear markets and heat waves – Riot Blockchain managed what CEO Jason Les described as “remarkable” results through successful execution of strategic initiatives such as increasing hash rate capacities and expanding infrastructure capabilities – allowing them not only survive these difficult times but grow significantly too!
