Riot Platforms Inc., one of the top Bitcoin mining businesses, has released a study on the mining output it expects to achieve in 2022. They demonstrated a remarkable increase in their hash rate and Bitcoin mining.
The growth was caused by Riot Platforms Inc. increasing its hash rate capacity the previous year. A “proof-of-work” (POW) cryptocurrency network’s hash rate gauges the overall processing power it expends to execute transactions on a blockchain. The hash rate improves with the number of algorithms that can be solved.
For crypto investors, hashrate is an important measure of a network’s decentralization and its ability to resist attacks by hackers. This is because a higher hash rate makes it more complex and expensive to hack the network. A sudden decrease in hashrate could force crypto platforms to halt trading or sometimes delist a coin to protect their customer’s interests.
Riot Platforms Inc. has released a report indicating that they have reached an all-time high of 9.7 EH/s in hash rate capacity, which is a remarkable achievement. The company also reported that it produced 5,554 Bitcoin, a 46% increase from the 3,812 produced during the same period in 2021.
It’s important to note that hash rate capacity is not only determined by technical factors, but also by climate conditions and geographical constraints. For example, severe winter storms in Texas in late December caused damage to buildings, which affected the company’s goal of achieving 12.5 EH/s.
After increasing its hash rate capacity by 213% to 9.7 exahash per second (“EH/s”) as of December 31, 2022, compared to 3.1 EH/s as of December 31, 2021, the company was able to produce 5,554 Bitcoin. This report is likely to encourage other companies to invest in their hash rate infrastructure and create a more secure environment that is difficult to breach.
