Riot Platforms Mines 516 Bitcoin in December, Boosts Holdings by 141% in 2024

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Riot Platforms, a Bitcoin mining company based in the U.S., has shared their latest Bitcoin production and operational news for the month of December.

The company said it mined 516 Bitcoin in December, an increase of 4% from November’s 495 Bitcoin.

Riot Platforms’ December Updates

Riot is ramping up its Bitcoin production as part of broader efforts to expand its mining operations, notably through the construction of its Corsicana Facility in Texas. Last December, Riot successfully completed the initial 400 MW phase of this facility, a notable achievement in the company’s growth strategy.

Although all systems are now up and running, Riot is proceeding with caution, gradually bringing the facility online.

Riot’s CEO, Jason Les, announced that we have successfully installed all final systems at the Corsicana Facility, marking the completion of our initial 400 MW development phase. Although miners have already been installed on these systems, we are carefully going through a systematic commissioning process to guarantee power quality. This meticulous approach is part of our dedication to responsible grid management and has caused some hash rate activation to be postponed.

In December 2023, there was an increase in the production of Bitcoin compared to November, but it saw a decrease of 17% compared to the same period last year. The total number of Bitcoins mined in December amounted to 619. Additionally, the average daily Bitcoin production dropped from 20 in 2023 to approximately 16.5 in 2024.

By the close of 2024, Riot Platforms reported that they held approximately 17,722 Bitcoins in their possession, marking a significant surge of around 141% compared to their holdings from December 2023.

The surge in Bitcoin ownership that Riot has experienced is largely due to their shrewd Bitcoin acquisitions. This move has not only increased the company’s Bitcoin earnings by 39%, but it has also significantly boosted the value of its shares for its shareholders.

For the entirety of December last year, Riot made several purchases of Bitcoin. On December 12th, it was disclosed that they acquired 5,117 Bitcoins for approximately $510 million. Towards the end of the month, they also announced the purchase of an additional 667 Bitcoins worth around $69 million, with each Bitcoin costing an average of about $101,135.

Apart from Riot, businesses such as Marathon Digital and MicroStrategy have also ventured into buying Bitcoins. Interestingly, Riot, being a Bitcoin miner, has also declared intentions to raise $500 million by issuing convertible senior notes maturing in 2030, with the aim of further increasing its Bitcoin holdings.

The company’s shares were up nearly 5% following the announcement, trading at $12.88.

In 2024, prior to that year, Riot obtained a significant 9.25% share in Canadian mining company Bitfarms as part of a strategic plan aimed at ensuring financial sustainability after the Bitcoin halving event.

A significant reason for Riot’s expansion in 2024 was a substantial 155% rise in its mining efficiency, as indicated by its hash rate. This essential measurement demonstrates the company’s proficiency in mining Bitcoin effectively. Notably, the network’s hash rate grew by 52% during the same timeframe.

In the year 2024, our deployed hash rate grew by a substantial 155% compared to the network’s 52% increase within the same timeframe. This significant outperformance led us to mine approximately 4,828 bitcoins during that year, unverified figures, at an average net power cost of just 3.4 cents per kilowatt-hour, as stated by our CEO.

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2025-01-07 08:59