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

[ad_1]

Mining machinery

FEDERICO PARRA / Getty Images

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, 10 things before the opening bell here.

Crypto miner Riot Blockchain tripled its bitcoin production in September, as demand for all things digital continued to thrive and build up a large stash of coins on its own, according to a press release from the company earlier. this 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 tweet on 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. Listed Bitcoin miners don’t sell bitcoin, they accumulate bitcoin. 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.

[ad_2]