The corporate introduced it achieved a 1.06 Exahash per second (EH/s) mining charge with 2,002 new S19 Professional Antminers from Bitmain.
Riot now has a complete of 11,542 Antminers in operation after the brand new additions, resulting in a virtually 26% improve in manufacturing over its prior operational hash charge.
“Exceeding 1 EH/s in hash charge capability marks a serious milestone for the Firm,” stated Jason Les, CEO of Riot Blockchain. “Whereas we’re happy with this accomplishment, we view it because the profitable completion of simply certainly one of many steps of our ongoing progress plan.”
Learn extra: A Ruffer portfolio manager invested a portion of his $4.8 billion fund in Bitcoin. Here’s what swayed him to bet on crypto – and the 2 other ways he’s hedging against worrying speculative bubbles
Jason Les got here on as CEO on Monday, changing Jeff McGonegal who has served as Riot’s CFO since 2003.
The newly minted CEO stated he expects to greater than triple the corporate’s mining capability by the fourth quarter this yr. Riot has 26,100 S19 Professional and S19j Antminers on order with Bitmain and expects to have a complete of 37,642 miners in operation by the tip of the yr.
The bullish information from Riot comes as Bitcoin’s worth pushed above $48,000 per coin on Thursday for less than the second time in its historical past. The bounce got here after Mastercard and BNY Mellon introduced assist for the cyrptocurrency on Thursday. Elon Musk also tweeted about bitcoin in a put up that obtained effectively over 100,000 likes.
Bitcoin all the time has vocal critics, although. On Wednesday “Dr. Doom” economist Nouriel Roubini argued Bitcoin’s fundamental value is negative as a consequence of its environmental affect.
A study out of Harvard backed up Roubini’s claims, revealing there’s “a situation the place every $1 of cryptocurrency coin worth created could be accountable for $0.66 in well being and local weather damages.”
Nonetheless, that hasn’t stopped buyers from scooping up shares within the bitcoin miner. Share costs have risen 95% within the final month alone.
Even California’s state pension fund-California Public Workers’ Retirement System (CalPERS)-believes in Riot. The fund now holds 113,034 shares of the miner, based on SEC filings.
Riot traded up 22%, at 43.67, as of 10:16 a.m. EST on Thursday.