Riot Platforms mined 505 BTC in October, a 23% increase

Riot Platforms reported a 23% increase in the total number of Bitcoins mined in October.

The Bitcoin (BTC) mining and digital infrastructure company, whose operations are one of the largest in the industry, announced on November 4 that it mined 505 BTC in October.

Compared to the previous month, when Riot produced 412 bitcoins, this marked a 23% increase and the best monthly production since the 2024 halving. The company also increased its daily mining average from 13.7 BTC to 16.8 BTC.

According to Riot’s CEO Jason Les, the production increase reflects growth in the company’s deployed hashrate and operational efficiency. Riot’s deployed hash rate increased from 28.2 EH/s in September to 29.4 exahashes per second in October.

Les noted that the deployment of the newest MicroBT miners at Riot’s Corsicana Facility contributed to this increase in hashrate.

As of the end of October, the amount of BTC held by Riot increased from 10,427 to 10,928 compared to the previous month. The company has not sold any BTC in the last two months.

Riot experienced a 23% production increase, while its rival CleanSpark reported a slightly higher increase during the same period. According to the announcement, CleanSpark mined 655 BTC in October, representing a 32% increase.

By the end of October, the miner’s hashrate reached 31.3 EH/s and its total BTC holdings were 8,701.

“October was a remarkable operational month for CleanSpark. “We also completed the acquisition of GRIID Infrastructure Inc., added more talented people to our team, and added a pipeline supported by the Tennessee Valley Authority (TVA) that we hope will take us to over 400 MW in the state.”

Zach Bradford, CEO of CleanSpark.

CleanSpark completed the acquisition of GRIID Infrastructure on October 30, 2024.