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Hash Rate Triples After Riot is Announcement

hash rate triples after riot's announcement

Discussions about the profitability of bitcoin mining continue on many platforms. The creation of a new roadmap was also on the agenda, especially after the $20,000 figure was mentioned more and more frequently. For this reason, eyes turned to bitcoin mining companies. Riot, one of the leading bitcoin mining companies, announced its budget for 2022. While the company’s bitcoin production has increased by about 50%, the hash rate has tripled.

The most Successful Mining Company

Riot can boast a successful 2022 at a time when many mining companies have fallen on hard times and are even on the verge of bankruptcy. Although the company’s revenues in December 2022 are estimated at $259.2 million, it is worth noting that this figure is higher than revenues in December 2021. In 2021, when the price of bitcoin was significantly higher and was even breaking record after record, Riot generated $213 million in revenue.

hash rate triples after riot's announcement

The Hash Rate Increased By Almost 300%

The statement on the official website claimed that 5,554 BTC were issued in 2022, up from 3,812 BTC in 2021, and that the company’s “successful energy strategy” and “energy credits” contributed significantly to this profit. It was also stated that hash rate capacity increased by 213% from December 2021 to December 2022, from 3.1 exahashes per second to 9.7 exahashes per second.

Bitcoin Mining Costs $11,000

The company reported that the cost of bitcoin mining has decreased due to energy consumption and that the cost of creating 1 BTC was $11,225 this year. In 2021, the amount was $11,939.
In the medium and long term, the company has announced that it will conduct new studies on bitcoin production. Although the company has not yet commented on the matter, we know that Riot is being closely watched by its competitors on the international scene.

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