Riot Blockchain January highlights
A new January report showcases Riot’s latest Bitcoin mining efforts. Compared to statistics released in January of 2021, Riot’s production has increased by 252%, from 130 to 458 BTC in January 2022. This growth is contributed to the increasing investment in mining machines and the construction of additional facilities to house them.
A statement released by Riot Blockchain’s CEO, Jason Les, gives insight into the company’s future plans as well.
“We have refined our process for driving immersion-based miner installations and are now initiating tests on productivity enhancements supported by this cooling technology. We expect to see increases in our hash rate capacity as we continue to execute on deployments in the newly completed Building F and the soon to be completed, Building G.”
The company expects a Q1 delivery of Bitmain miners that should increase the hash rate to 4.7 EH/s. Riot also announced additional orders with the goal of reaching a hash rate of 12.8 EH/s by the fourth quarter of 2022.
In response to the current Texas winter storm, Riot has reduced energy usage. Supply and demand could become limited as weather conditions change, and the company is keeping a close eye on any updates. As a result of the expected storm, Riot’s Whinstone facility in Rockdale, Texas has curtailed operations for now. It currently employs about 200-full time workers and approximately 400 contractors.
Additionally, Riot has obtained 100 MW high-voltage transformers and forty 2.5 MW medium-voltage transformers in preparation for future potential expansion. Evaluations are currently underway to determine the best action to take to expand mining capacity.
The company also released clarification on its status with the SEC. Because of Riot’s current market value, the SEC now considers it to be a large-accelerated filer and will be required to file its annual report by March 1, 2022.