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Riot Blockchain Jumps 406% Due to Increase in Mining Power

Published 07/11/2021, 08:05 AM
Updated 07/11/2021, 08:30 AM
Riot Blockchain Jumps 406% Due to Increase in Mining Power

  • Riot Blockchain (NASDAQ:RIOT), a Nasdaq-listed mining firm, reported its BTC production last month.
  • Riot produced 243 BTC which is 406% higher than its June 2020 48 BTC production.
  • The crackdown in China is helping companies like Riot grow their business

On Thursday, Riot Blockchain, a Nasdaq-listed mining firm, reported its Bitcoin production last month. The firm’s numbers jumped more than 400% year-on-year due to the increase in mining power.

In June 2021, Riot produced 243 BTC which is 406% higher than its June 2020 48 BTC production. Also, Riot produced a total of 1,167 BTC year-to-date through June 2021. It has increased an approximately 130% compared to last year’s 508 BTC.

Looks like the crackdown in China is helping companies like Riot grow their business. The decrease of hash power securing the network created a profit opportunity for some companies.

The recent hard adjustment, one of the biggest drops in Bitcoin history, seems to be creating unique opportunities to get into bitcoin mining. With that said,

This article was first published on coinquora.com

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