Crypto Miner Riot Blockchain Tripled Bitcoin Production In One Year – And Has Over $ 190 Million In Coins | Currency News | Financial and business news

Mining machinery
  • Crypto miner Riot Blockchain said this week that it mined 346% more bitcoin in September this year than last year.
  • The company said it currently holds 3,534 bitcoins from its mining operations, or roughly $ 190 million in coins.
  • Mining companies “Bitcoin hoarding is a game-changer,” MicroStrategy CEO Michael Saylor said in a tweet.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

Crypto miner Riot Blockchain tripled its bitcoin production in September, as demand for anything digital continues to flourish and itself constitutes a significant stash of coins, according to a press release from the company earlier this month. week.

The company mined 406 bitcoin in September, marking a 346% increase from the same month a year ago. Since the start of the year, the company has produced 2,457 bitcoin, an increase of 236% from the same period last year.

The publicly traded company said it now owns 3,534 bitcoin – worth around $ 190.7 million at the current price of around $ 55,000 – but did not say why she was storing them.

Michael Saylor, CEO of data platform MicroStrategy, which has invested heavily in bitcoin, said the move was important in a Tweeter Tuesday.

“In September, @RiotBlockchain mined 406 BTC, didn’t sell any of its production, and ended the month with 3,534 BTC on its balance sheet. Bitcoin miners don’t sell bitcoin, they accumulate bitcoins. The game has changed, ”Saylor tweeted.

Crypto mining is the process by which coins like bitcoin are mined from their blockchains by solving complex mathematical problems that require intense computing power and high energy levels.

Since the recent exodus of miners from China, which gradually suppressed all aspects of crypto production and ownership, mining activity has increased elsewhere. Riot said he currently has a fleet of around 25,646 mining machines and said he plans to increase it to more than 27,000 by November.

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