Riot Platforms, Inc. shared its December 2024 production update.
In December, the company saw an approximate 4% jump in Bitcoin mining compared to November, reaching a total of 516 coins. By the end of the year, Riot Platforms managed a 4% monthly growth in production and concluded the initial phase of its Corsicana Facility, amassing over 17,700 Bitcoins.
The continuous activation of the full hashrate is taking place, with great care being taken during commissioning to maintain power grid stability, as stated in a Riot announcement. By the year 2024, Riot increased its operational hashrate by an impressive 155%, outpacing the network’s hashrate growth of 52%.
As a researcher delving into the world of cryptocurrency mining, I’m excited to report an update from Riot, a key player in the industry. In December 2024, Riot successfully mined 516 bitcoins, marking a 4% rise over our November yield. This increase is attributable to our ongoing efforts to boost operational hash rate.
In addition, I’m thrilled to announce that we have completed the installation phase of our latest expansion project. We look forward to sharing more details about its impact on our operations in the coming months. Stay tuned for further updates!
— Riot Platforms, Inc. (@RiotPlatforms) January 6, 2025
During the year, the company managed to mine a total of 4,828 Bitcoins at an average net power cost of just 3.4 cents per kilowatt-hour. As a result, Riot’s Bitcoin holdings had grown significantly by December 31, reaching 17,722 – a remarkable increase of 141% compared to the previous year (2023).
Additionally, the firm announced a significant 39% increase in Bitcoins owned for each fully-diluted share, underscoring their commitment to improving shareholder worth.
Just last week, analysts from H.C. Wainwright identified Riot as part of their top three Bitcoin mining companies, anticipating that it would surpass its competitors in performance.
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2025-01-06 23:44