Riot’s CEO, Jason Les, commented, “In November, Riot again set a fresh record for overall hash rate capacity, culminating in our largest monthly bitcoin output to date.” “Notwithstanding this unprecedented output level, predicted production for said month was roughly 660 bitcoins, given our operating hash rate and considering typical performance from the mining network in which we partake,” he said.
Variance in a mining pool may have an effect on the outcomes, and although this variation should balance out as time progresses, it can be turbulent in the near term. This fluctuation resulted in lower-than-anticipated November bitcoin output compared to our hash power.”
Bitcoin’s hash rate has soared in recent months, reaching fresh all-time peaks and rendering unproductive miners who do not use cutting-edge hardware. This has repercussions for the public firms linked to this market.
Les indicated in the statement, “To guarantee more reliable outcomes in the future, Riot will transform to some other mining pool that provides a more sustained reward process, so that Riot can completely gain benefit from our fast increasing hash rate capacity as we strive to reach 12.5 EH/s in the first quarter of 2023.”
It was not specified in the article which mining pool Riot would now direct its miners to. In 1Q23, Riot hopes to reach an aggregate self-mining hash rate capacity of 12.5 EH/s, presuming a complete installation of about 115,450 Antminer ASICs.
Nevertheless, this does not account for any possible additional production benefits resulting from the firm’s utilization of 200 MW of immersion cooling system. The bulk of Riot’s auto-mining infrastructure will consist of the most up-to-date S19 series miners. Along with its own mining activities, the firm hosts around 200 MW of Bitcoin mining customers from institutions.