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

Riot Platforms reported a 23% increase in total Bitcoin mined in October.

The Bitcoin (BTC) mining and digital infrastructure firm, whose operation is one of the largest in the industry, announced on Nov. 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 raised its daily mining average from 13.7 BTC to 16.8 BTC.

According to Jason Les, chief executive officer of Riot, the production increase reflects growth in the company’s deployed hashrate and operational efficiency. In October, Riot’s deployed hashrate rose to 29.4 exahashes per second, up from 28.2 EH/s in September.

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

By the end of October, Riot held 10,928 BTC, up from 10,427 the previous month. The company did not sell any BTC over the past two months.

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

The miner’s hashrate at the end of October reached 31.3 EH/s, with total BTC holdings at 8,701.

“October was another remarkable operational month in the books for CleanSpark. We also finalized the acquisition of GRIID Infrastructure Inc., adding more talented people to our team and a pipeline powered by the Tennessee Valley Authority (TVA) that we expect will take us to more than 400 MW in the state.”

Zach Bradford, chief executive officer of CleanSpark.

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