{"id":547179,"date":"2024-08-14T16:00:57","date_gmt":"2024-08-14T16:00:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547179"},"modified":"2025-06-11T08:08:48","modified_gmt":"2025-06-11T08:08:48","slug":"bitcoin-miner-riot-increase-btc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-miner-riot-increase-btc\/","title":{"rendered":"Winds Of Change: Bitcoin Miner Riot Sees Substantial Increase In BTC Holdings"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin mining has been up by a considerable fraction this year, as the blockchain network recorded a new all-time high in hash rate in the second quarter of the year. Mining revenue is also up, as the bitcoin Bitcoin recorded a spike in transaction volume.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result, Riot Blockchain, one of the largest publicly traded Bitcoin mining companies in the US, has recorded an increase in operations in the second quarter. According to its 2023 second-quarter financial results, the mining company recorded a new all-time record hash while ramping up its Bitcoin mining operations.<\/span><\/p>\n<h2>Solid Second Quarter 2023<\/h2>\n<p><span style=\"font-weight: 400\">According to its <\/span><a href=\"https:\/\/www.riotplatforms.com\/news-media\/press-releases\/detail\/158\/riot-platforms-reports-second-quarter-2023-financial\" rel=\"nofollow\"><span style=\"font-weight: 400\">financial report<\/span><\/a><span style=\"font-weight: 400\">, Riot has seriously ramped up its Bitcoin mining operations. As a result, the mining company produced 1,775 BTC during the second quarter of 2023, a 27% increase compared to the 1,395 BTC it produced during that same period in 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In May 2023 alone, the company produced 676 BTC at an average of 21.8 BTC per day. The average cost to mine each bitcoin was $8,389, beating Q2 2022&#8217;s average of $11,316.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/voyager-sends-shib-eth-to-coinbase\/\">More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase<\/a><\/div>\n<p><span style=\"font-weight: 400\">Riot also witnessed an increase in mining revenue, as Bitcoin miners generated a remarkable total revenue of $2.4 billion. Although the price of Bitcoin during the quarter was 15% less than what it was in Q2 2022, Riot saw a total revenue of $76.7 million, as compared to $72.9 million in Q2 2022. Mining revenue ($49.7 million), engineering revenue ($19.3 million), data hosting revenue ($7.7 million), and power curtailment credits ($13.5 million) were also higher than in Q2 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Not only has RIOT\u2019s revenue from bitcoin mining increased, but their actual bitcoin holdings have also grown substantially. As of June 30, Riot held 7,264 BTC with the price of each BTC at $30,477. <\/span><\/p>\n<p><span style=\"font-weight: 400\">In total, Riot finished the quarter with $408.4 million in working capital, including $289.2 million in cash on hand and $221.4 million in Bitcoin, while also reducing its net loss to $27.7 million compared to $353.6 million in Q2 2022.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/lVqqedFY\/\" alt=\"Bitcoin (BTC) price chart from Tradingview.com (Riot Blockchain)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">BTC price remains volatile | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com\u00a0<\/a><\/pre>\n<h2>Increase In Bitcoin Mining Power<\/h2>\n<p><span style=\"font-weight: 400\">Riot Blockchain also drastically increased its hash rate throughout the quarter, reaching an all-time record hash rate capacity of 10.7 EH\/s. However, the company is also looking to enhance its computational power.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/sec-prove-bitcoin-is-not-manipulated\/\">Want A Bitcoin Spot ETF? Then Prove BTC Is Not Manipulated, Says SEC<\/a><\/div>\n<p><span style=\"font-weight: 400\">During the quarter, the company signed a long-term purchase <\/span><a href=\"https:\/\/bitcoinist.com\/riot-power-strategy-pays-off-10-million-in-revenue\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">agreement <\/span><\/a><span style=\"font-weight: 400\">with MicroBT to acquire 33,280 next-generation miners. With an expanded mining fleet and facility, Riot believes it can see its hash rate grow to 20.1 EH\/s by the second quarter of 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin mining is an energy-intensive process. However, Riot&#8217;s power strategy contributes to the stability of the energy grid in Texas at times of high demand by selling extra power back to the grid. At the time of writing Riot&#8217;s stock is up by 1.53% in a daily timeframe and 158.14% in the past six months.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from PYMNTS, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin mining has been up by a considerable fraction this year, as the blockchain network recorded a new all-time high in hash rate in the second quarter of the year. Mining revenue is also up, as the bitcoin Bitcoin recorded a spike in transaction volume.\u00a0 As a result, Riot Blockchain, one of the largest publicly traded Bitcoin mining companies in the US, has recorded an increase in operations in the second quarter. According to its 2023 second-quarter financial results, the mining company recorded a new all-time record hash while ramping up its Bitcoin mining operations. Solid Second Quarter 2023 According to its financial report, Riot has seriously ramped up its Bitcoin mining operations. As a result, the mining company produced 1,775 BTC during the second quarter of 2023, a 27% increase compared to the 1,395 BTC it produced during that same period in 2022.\u00a0 In May 2023 alone, the company produced 676 BTC at an average of 21.8 BTC per day. The average cost to mine each bitcoin was $8,389, beating Q2 2022&#8217;s average of $11,316. Related Reading: More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase Riot also witnessed an increase in mining revenue, as Bitcoin miners generated a remarkable total revenue of $2.4 billion. Although the price of Bitcoin during the quarter was 15% less than what it was in Q2 2022, Riot saw a total revenue of $76.7 million, as compared to $72.9 million in Q2 2022. Mining revenue ($49.7 million), engineering revenue ($19.3 million), data hosting revenue ($7.7 million), and power curtailment credits ($13.5 million) were also higher than in Q2 2022.\u00a0 Not only has RIOT\u2019s revenue from bitcoin mining increased, but their actual bitcoin holdings have also grown substantially. As of June 30, Riot held 7,264 BTC with the price of each BTC at $30,477. In total, Riot finished the quarter with $408.4 million in working capital, including $289.2 million in cash on hand and $221.4 million in Bitcoin, while also reducing its net loss to $27.7 million compared to $353.6 million in Q2 2022. BTC price remains volatile | Source: BTCUSD on Tradingview.com\u00a0 Increase In Bitcoin Mining Power Riot Blockchain also drastically increased its hash rate throughout the quarter, reaching an all-time record hash rate capacity of 10.7 EH\/s. However, the company is also looking to enhance its computational power.\u00a0 Related Reading: Want A Bitcoin Spot ETF? Then Prove BTC Is Not Manipulated, Says SEC During the quarter, the company signed a long-term purchase agreement with MicroBT to acquire 33,280 next-generation miners. With an expanded mining fleet and facility, Riot believes it can see its hash rate grow to 20.1 EH\/s by the second quarter of 2024.\u00a0 Bitcoin mining is an energy-intensive process. However, Riot&#8217;s power strategy contributes to the stability of the energy grid in Texas at times of high demand by selling extra power back to the grid. At the time of writing Riot&#8217;s stock is up by 1.53% in a daily timeframe and 158.14% in the past six months. Featured image from PYMNTS, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":547183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,638,1119,84159,11450,2990,83929],"class_list":["post-547179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miner","tag-btc","tag-btc-mining","tag-crypto-mining","tag-mining","tag-riot-blockchain"],"acf":[],"yoast_head":"\n<title>Winds Of Change: Bitcoin Miner Riot Sees Substantial Increase In BTC Holdings<\/title>\n<meta name=\"description\" content=\"Riot Blockchain, a publicly traded Bitcoin mining company in the US, has recorded an increase in operations in the second quarter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Winds Of Change: Bitcoin Miner Riot Sees Substantial Increase In BTC Holdings","url":"http:\/\/uniquehot.com\/news\/bitcoin-miner-riot-increase-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-miner-riot-increase-btc\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-mining.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-mining.jpeg?fit=1200%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miner","btc","btc mining","crypto mining","mining","riot blockchain"],"dateCreated":"2024-08-14T16:00:57Z","datePublished":"2024-08-14T16:00:57Z","dateModified":"2025-06-11T08:08:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Winds Of Change: Bitcoin Miner Riot Sees Substantial Increase In BTC Holdings\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miner-riot-increase-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miner-riot-increase-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-mining.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-mining.jpeg?fit=1200%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miner\",\"btc\",\"btc mining\",\"crypto mining\",\"mining\",\"riot blockchain\"],\"dateCreated\":\"2024-08-14T16:00:57Z\",\"datePublished\":\"2024-08-14T16:00:57Z\",\"dateModified\":\"2025-06-11T08:08:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Bitcoin-mining.jpeg?fit=1200%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/547179"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=547179"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/547179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/547183"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=547179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=547179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=547179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}