Riot Platforms, Inc. recently released its production update for December 2024, showcasing significant growth in its Bitcoin mining operations. The company successfully mined 516 Bitcoin during the month, marking a 4% increase from the previous month. This achievement comes as Riot Platforms continues to enhance its operational hash rate and expand its mining capabilities.
In addition to the increase in Bitcoin production, Riot Platforms reached a major milestone by completing the first phase of its Corsicana Facility. This accomplishment demonstrates the company’s commitment to expanding its mining infrastructure and optimizing its operations. By the end of December, Riot Platforms held over 17,700 Bitcoin in its portfolio, showcasing the success of its mining endeavors.
The company is currently in the process of fully activating its hash rate, ensuring a smooth and stable integration with the power grid. Riot Platforms has significantly expanded its deployed hash rate in 2024, surpassing the network hash rate growth by 155%. This strategic growth trajectory positions Riot Platforms as a key player in the Bitcoin mining industry, with a strong focus on increasing operational efficiency and maximizing production output.
Riot Announces December 2024 Production and Operations Updates.
“Riot mined 516 bitcoin in December, a 4% increase over the previous month, as we continue increasing operational hash rate,” said @JasonLes_, CEO of Riot. “We are pleased to share that we have finished installation…
— Riot Platforms, Inc. (@RiotPlatforms) January 6, 2025
Throughout 2024, Riot Platforms successfully mined a total of 4,828 Bitcoin at an all-in net power cost of 3.4 cents per kilowatt-hour. This impressive production output reflects the company’s dedication to optimizing its mining operations and maximizing efficiency. Additionally, Riot Platforms reported a substantial 141% increase in its Bitcoin holdings compared to the previous year, reaching a total of 17,722 Bitcoin by the end of December.
Furthermore, Riot Platforms highlighted a 39% boost in Bitcoin held per fully diluted share, underscoring its commitment to enhancing shareholder value and driving sustainable growth. The company’s strong performance in the Bitcoin mining sector has garnered recognition from industry analysts, with H.C. Wainwright naming Riot Platforms as one of the “big three” Bitcoin miners. Analysts predict that Riot Platforms will continue to outperform its competitors, further solidifying its position as a leading player in the cryptocurrency mining industry.
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