- Riot Platforms mined 516 BTC in December 2024, marking a 4% increase from November.
- Riot’s BTC holdings surged 141% year-over-year, reaching 17,722 by year-end.
- Riot Platforms achieved a 155% increase in deployed hash rate throughout 2024.
Riot Platforms, an organization specializing in Bitcoin mining, revealed a 4% boost in Bitcoin production for December 2024 at 516 BTC compared to November. The company’s actions further to increase its hash rate and operational efficiency contributed significantly to this increase.
Riot’s commitment to scaling its production continued through the completion of phase one of its Corsicana Facility, which houses significant mining infrastructure.
By the end of December 31, Riot held 17,722 BTC, a 141% increase from 2023. While focusing on efficiency, the company maintained low power costs in its growth; throughout the year, it had an all-in net power cost of $0.034 per kilowatt-hour. Riot’s strategy also emphasized shareholder value, reflected in a 39% increase in Bitcoin held per fully diluted share.
Progress at Corsicana Facility Supports Production Growth
Riot Platforms completed the first phase of its Corsicana Facility, a project critical to its ongoing expansion. The initial phase consisted of 400 MW of mining capacity. While all systems are operational, Riot adopted a gradual approach to commissioning to ensure grid stability and maintain quality mining output.
Riot’s strategy to gradually deploy hash rate is part of its broader sustainability initiative, which includes participation in demand response programs with ERCOT and MISO. This approach supports grid stability and reduces energy costs, a key expense in Bitcoin mining. CEO Jason Les emphasized that while some hashrate was held back during commissioning, the company remains on track to meet its growth targets.
Riot’s 155% Hash Rate Increase Drives Production Growth
In 2024, Riot Platforms achieved a remarkable 155% increase in its deployed hash rate, significantly outpacing the broader network hash rate growth of 52%. This growth was pivotal in the company’s ability to mine 4,828 BTC during the year. Riot’s increasing hash rate increased its production efficiency and ability to mine Bitcoin competitively.
Riot’s efforts to expand its mining capacity are part of a broader trend within the Bitcoin mining industry. The company’s focus on growth while balancing energy consumption makes it well-suited for the competitive landscape. Riot has also established strategic investments and operational advancements, which set It up for further growth in the upcoming year.
