Riot and CleanSpark increased hashrate in September

  • 16:06 Oct 05, 2022
  • 278
Riot and CleanSpark increased hashrate in September

Riot, a Texas-based BTC miner, not only recorded a 16.7% increase in hashrate but also intends to expand its facility, based in Winstone. The Riot also sold 300 BTC.

According to the CEO, Jason Les:

The main goal is to reach 12.5 EH/s in early 2023, so the main effort is focused on increasing hashing speed.

In September, 355 BTC were produced and 300 BTC were sold. The revenue was $6.1 million. According to the company, the number of electricity credits received in June for shutting down equipment during the peak demand exceeded the potential revenue from bitcoin mining.

Another mining company, CleanSpark, also aims for growth. By the end of September, there was a 21% increase in the hashrate. Against the backdrop of falling hardware prices, the company bought 1,000 miners.

The bearish trend is not preventing CleanSpark from being on the rise, buying miners, and opening new facilities. It has 594 BTC coins in stock and managed to mine 448 BTC in September. CleanSpark has also been selling bitcoins to fund ongoing operations. The CFO commented as follows:

Despite selling coins, their stock is increasing being a key indicator of the growth strategy.

By the end of the year, the company aims to reach 5EH/s.

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