Riot Blockchain, Inc. (Nasdaq: RIOT) reported on Thursday evening its production updates for May 2022. The results highlighted mining 466 bitcoin over the course of the month, a dip from its April 2022 production of 508 bitcoin but an increase over its May 2021 production of 228 bitcoin.
The company has produced a total of 2,379 bitcoin in 2021, pushing the digital asset up to 6,536 bitcoin held in custody as of month-end. This holds a value of US$199.4 million as of this writing.
| Month | Bitcoin Production |
| January 2022 | 458 |
| February 2022 | 436 |
| March 2022 | 511 |
| April 2022 | 508 |
| May 2022 | 466 |
The blockchain firm also sold 250 bitcoin during the month for total net proceeds of approximately US$7.5 million.
Currently, the firm has a fleet of 43,458 miners, sustaining a 4.6 EH/s hashrate capacity. During the month, the company deployed 1,086 S19j-Pro miners. Anticipating the additional 7,855 miners staged for deployment, the firm expects the hashrate to go up to 5.4 EH/s.
This will be offset by the temporary decommissioning of 4,000 S17-Pro miners up for refurbishment, corresponding to 225 PH/s of the company’s hashrate.
The crypto miner still targets to achieve approximately 12.6 EH/s hashrate by January 2023, assuming full deployment of approximately 116,150 Antminer ASICs.
Earlier this month, the company announced the retirement of its CFO Jeff McGonegal effective August 15, 2022. Head of Corporate & Financial Operations Colin Yee, who joined the company in April 2022, is expected to succeed McGonegal.
Riot Blockchain last traded at US$21.44 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
