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Tag: February

  • Riot Blockchain Reports 189% Increase in BTC Production for February 2022

    Riot Blockchain Reports 189% Increase in BTC Production for February 2022

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    The recent dip in the price of Bitcoin is not impacting the mining activities across the BTC network. Nasdaq-listed Bitcoin mining company, Riot Blockchain recently announced its production and operation updates for February 2022 and reported a significant surge of 189% YoY in BTC production.

    During the recent month, the company produced 436 Bitcoin, compared to 179 coins in the same period last year. As of 28 February 2022, the mining firm held almost 5,783 BTC, produced by Riot’s self-mining operations.

    The Bitcoin mining company has expanded its hash rate substantially since the start of 2021. In the recent announcement, Riot provided updates on the expansion of its mining infrastructure.

    “Throughout the month of February, Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, the CEO of Riot Blockchain.

    “We have begun the performance evaluation process and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment,” Les added.

    As a result of the company’s enhanced mining infrastructure, its profits increased during last year. In 2021, Riot Blockchain announced collaborations with several leading firms around the world, including Bitmain Technologies Limited for the purchase of S19j Antminers.

    Hash Rate

    While providing details about the estimated hash rate in 2022, Riot mentioned that it is planning to reach a total self-mining hash rate capacity of 12.8 EH/s by January 2023.

    “Approximately 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy,” Riot highlighted.

    The recent dip in the price of Bitcoin is not impacting the mining activities across the BTC network. Nasdaq-listed Bitcoin mining company, Riot Blockchain recently announced its production and operation updates for February 2022 and reported a significant surge of 189% YoY in BTC production.

    During the recent month, the company produced 436 Bitcoin, compared to 179 coins in the same period last year. As of 28 February 2022, the mining firm held almost 5,783 BTC, produced by Riot’s self-mining operations.

    The Bitcoin mining company has expanded its hash rate substantially since the start of 2021. In the recent announcement, Riot provided updates on the expansion of its mining infrastructure.

    “Throughout the month of February, Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, the CEO of Riot Blockchain.

    “We have begun the performance evaluation process and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment,” Les added.

    As a result of the company’s enhanced mining infrastructure, its profits increased during last year. In 2021, Riot Blockchain announced collaborations with several leading firms around the world, including Bitmain Technologies Limited for the purchase of S19j Antminers.

    Hash Rate

    While providing details about the estimated hash rate in 2022, Riot mentioned that it is planning to reach a total self-mining hash rate capacity of 12.8 EH/s by January 2023.

    “Approximately 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy,” Riot highlighted.

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  • Small Cap Index Lead Gains In February, But What Is Bitcoin Doing?

    Small Cap Index Lead Gains In February, But What Is Bitcoin Doing?

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    Altcoins have been bigger winners than bitcoin in the recent recovery. Even though the latter led the recovery, the smaller cap coins have been making all of the waves in the space, outperforming other indexes and bitcoin included. All of this has pointed to an altcoin season after a purported ‘crypto winter’ and the gains recorded so far in February are additional proof of this.

    Small Cap Index Takes The Lead

    The whole of the crypto market had suffered from the downtrend that began in December. However, the second week of February had come to some reprieve with double-digit gains across bitcoin and all of the indexes. The small, mid, and large cap indexes have all returned gains so far, but the small cap has taken the leading, showing increased bullish momentum in the smaller cap altcoins.

    Related Reading | Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

    Just two weeks into February, the small cap index has seen gains as high as 19%. This is a huge step-up for the index after it closed out January as the worst-performing index, seeing accelerated losses compared to its counterparts. The tables have now turned as the gains for the small cap index have been 4% higher than all of the others.

    Small cap index returns highest gains

    Small cap index returns highest gains | Source: Arcane Research

    Bitcoin, the mid cap, and the large cap index all returned doubled-digit gains for January. Most of the gains recorded were from a single week that saw prices surge across the crypto market.

    What About Bitcoin?

    Bitcoin has no doubt also returned impressive gains for its investors in the same time period. It may not be as high as the small cap index but still remains one of the top gainers n the space. It follows the move of the market sentiment from extreme negativity back into the positive. Momentum picking up has also helped in this case.

    Related Reading | JPMorgan Puts Bitcoin At $150,000 In The Long-Term, But What About Its ‘Fair Value’?

    The Digital asset is now trading above its 20-day moving average but remains low on the 50-day average. At its current point, the next resistance for the asset to break lies at $45,240. However, a break above a second resistance point at $46,712 is what will really solidify its entrance into another bear rally. Until then, it will likely continue to hover between $43,000 and $44,000.

    Bitcoin price chart from TradingView.com

    BTC starts another recovery trend | Source: BTCUSD on TradingView.com

    On the support side, bitcoin’s break below $43,000 will see its next support at $42,790. Not a far-off point, but if it does not hold then another decline to $40,000 may be imminent.

    Nevertheless, the digital asset has shown strong sell signals around the 50 and 100-day moving averages. Unless buyers make significant headway in holding up the price of bitcoin, bears are more likely to take over, pulling bitcoin into another stretched-out downtrend.

    Featured image from Forbes, charts from Arcane Research and TradingView.com

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