Minershub.ca - Riot’s net income was boosted by a 131% year-on-year increase in Bitcoin’s price despite the cryptocurrency becoming more difficult and expensive to mine.
Riot announced a new facility in Corsicana, Texas last month, which CEO Jason Les believes will become the largest dedicated Bitcoin mining facility in the world once fully developed.
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The mining firm claimed it was on track to increase its hash rate capacity from 12.4 exahashes per second (EH/s) to 31 EH/s before the end of the year.
It anticipates its hash rate will increase to 41 EH/s when its Corsicana facility fully deploys in 2025, and Riot has a long-term goal to reach 100 EH/s in 2027 or soon after.
Riot currently boasts the third-largest hash rate among miners, trailing only rivals Marathon Digital and Core Scientific at 24.7 EH/s and 16.9 EH/s, respectively, according to Hashrate Index.
Riot’s share price fell 2.87% over May 1 to $9.82 but is up 1.1% in after-hours trading, according to Google Finance.
Bitcoin miners are adjusting after the blockchain’s mining rewards were cut in the April 20 halving event from 6.25 BTC to 3.125 BTC — the latter currently worth around $180,600.