Bitcoin Miner Riot Platforms Reports December Increase in BTC Mining

Bitcoin miner Riot Platforms has reported a 4% increase in Bitcoin production for December 2024, mining 516 BTC compared to November. The company’s CEO, Jason Les, confirmed the progress as Riot continued to expand its operational hash rate.

Bitcoin Miner Riot Platforms Reports Increase in BTC Mining

Bitcoin miner Riot Platforms has announced that it has completed the first 400 MW of the development phase of its Corsicana Facility in December. Although all the systems are up and running and miners are present, the company has adopted a gradual approach to commissioning. This move follows, BTC miner MARA move of lending 7,377 Bitcoin (BTC) to third parties, constituting 16% of its total reserves of 44,893 BTC.

This step will help in maintaining BTC mining power quality and stability of the grid which are a part of Riot’s sustainability initiatives. Some of the hashrate has been held back by the commissioning process, but overall things are still on schedule.

According to Jason Les, “We are happy to report that the last of the systems have been put in place at the Corsicana Facility thus ending the first 400 MW development phase.” Operationally, the hash rate growth was the primary driver that contributed to the December production, which is in line with its focus on efficiency and production.

Riot Platforms Hash Rate Soars 155% Surge

Riot Platforms also made significant achievements in 2024 where it had a 155% increase in the hash rate that it deployed as compared to the previous year. The network hash rate increased by 52% over the same period, while Riot’s deployment was even faster than this growth.

During 2024, the company mined a total of 4,828 BTCs at an average net power cost of $0.034 kWh. During this period, Riot, concurrently, leveraged power curtailment credits and participated in demand response programs with ERCOT and MISO to reduce energy costs and support grid stability.

As of the end of the year, Bitcoin miner Riot had 17,722 BTC, which is 141% more than at the end of December 2023. This growth also translated into a 39% increase in Bitcoin yield per fully diluted share, which the company considers to be one of the key parameters of shareholder value creation. According to Riot, this is due to efficient operations and a good approach to Bitcoin purchase.

Bitcoin Mining Industry Sees Competitive Advancements

While Bitcoin miner Riot Platforms showcased its gains, other leading mining companies also reported significant updates in December. CleanSpark Inc., another major U.S. Bitcoin miner, achieved a milestone with an operating hash rate of 39.1 EH/s at the end of 2024.

CleanSpark mined 668 BTC in December, bringing its total production for the year to 7,024 BTC. CleanSpark also expanded operations into three new states and announced plans to reach 50 EH/s by mid-2025.

Bitcoin miner Core Scientific, meanwhile, reported a self-mining output of 291 BTC in December, operating a fleet with a hash rate of 19.1 EH/s. The company also provided hosting services for customer-owned miners, which produced an additional 18 BTC. Core Scientific focused on energy-efficient operations, achieving a fleet efficiency of 24.6 J/TH.

Amid these announcements, Bitcoin price has experienced notable movement during December, with BTC price briefly reaching $102,227 as of press time. This surge followed a purchase announcement from MicroStrategy, which added 1,070 BTC to its corporate treasury.