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

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  • 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 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.

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