Riot Blockchain Bitcoin Mined Rises to 511 in March

The company also sold 200 bitcoin during the month, raising $9.4 million.Read MoreFeedzy

Bitcoin miner Riot Blockchain (RIOT) produced 511 bitcoin during March, up 176% from 185 mined a year earlier. As of month’s end, the company held 6,062 bitcoin on its balance sheet.

In a somewhat unusual move, Riot also sold 200 bitcoin during March at an average price of $47,090 each, or a total of roughly $9.4 million. The company earlier this week filed a shelf offering for the sale of up to $500 million in stock via an “at-the-market” program.

Riot received another 1,080 Bitmain S19j Pros during March, deployed 4,440 S19j Pros, and has another 5,030 units ready for deployment. There are also another 5,430 units that Bitmain has shipped, and Riot expects to receive during April.

Once all of the above have been put to work, Riot will have a total of 53,379 miners working, with a hash rate of about 5.4 EH/s. By January of next year, the company expects to have a hash rate capacity of 12.9 EH/s, which assumes full deployment of about 120,150 Antminer ASICs.

The stock price is up marginally in after hours action, but fell 7% during the regular session amid a broad selloff for the bitcoin mining sector that saw Marathon Digital drop 9.2%, Hive Blockchain down 5.2%, and Hut 8 lower by 5.8%.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.