According to a report from the second quarter, the hash rate of Riot Platforms, the largest Bitcoin miner in the United States, increased by 50% in a single month. In a public relations post displaying its quarterly update, Riot Platforms revealed that it not only achieved its hash growth target for the second quarter, but also exceeded it. Riot deployed 7.3 EH/s in June, an increase of about 50%, the highest among listed miners in a single month.
Riot Platforms CEO Jason Les said, “June was a historic month for Riot. During this period, we increased our hash rate capacity at our Cosa Grande facilities A1 and A2 by 7.3 EH/s and utilized additional available capacity at the Rockdale facility, bringing our total capacity to 22.0 EH/s.” He added, “This unprecedented achievement reflects Riot’s incredible team and expertise. I am proud to announce that this rapid deployment means Riot has exceeded our previously announced hash rate target of 21.4 EH/s for the second quarter of 2024.”
According to the report for the second quarter, Riot expects the total capacity of its self-mining hash rate to reach 31 EH/s by the end of 2024. The CEO of Riot Platforms also revealed that the company’s energy usage will be more transparent. “Starting this month, we will also begin reporting monthly power costs (by facility) and net power credit, further understanding the results of our unique power strategy.”
In the context, the hash rate is an indicator of the total computing power of all participating nodes in cryptocurrency mining. Riot Platforms is expanding its already huge Bitcoin mining business, with new next-generation miners in its facilities.
However, CEO Jason Les stated that Riot Platforms’ work is not yet finished. “The 1 gigawatt of power generation on Cosa Grande provides us with an immediate growth pipeline, which is a huge advantage for Riot. Therefore, we remain focused on the year-end target of 31 EH/s, which we expect to achieve by the end of the year as the 400-megawatt phase one of Cosa Grande is completed.”
Riot is currently developing its second large-scale facility – the first phase of the Cosa Grande facility, which is expected to have a total mining capacity of 400 megawatts after this initial stage. Once fully developed, the Cosa Grande facility is expected to have a total mining capacity of 1 gigawatt (1000 megawatts).