American Bitcoin miner Riot Platforms has announced its Bitcoin production and mining updates for December.
The company said it mined 516 Bitcoins in December, a 4% increase from 495 Bitcoins in November.
Riot Platforms December Updates
Riot’s increase in Bitcoin production is part of ongoing efforts to expand its mining infrastructure, particularly with the development of its Corsicana facility. In December, Riot completed the first 400 MW of production from its Corsicana plant in Texas, marking a significant milestone in the company’s expansion plans.
Although all systems are now operational, Riot is taking a cautious and phased approach to commissioning the facility.
“We are pleased to announce that we have completed the installation of the final systems at the Corsicana facility, completing the first phase of 400 MW development. Although all systems have been completed with miners installed, we are undertaking a measured commissioning process to ensure power quality as part of our commitment to being good stewards of the electricity grid, which has delayed the some hash rates going live,” Jason Les, CEO of Riot. said.
Although Bitcoin production increased in December compared to November, it decreased by 17% year-over-year. As of December 2023, the company has mined a total of 619 Bitcoins. The average Bitcoin produced per day also increased from 20 in 2023 to 16.5 in 2024.
At the end of 2024, Riot Platforms reported holding 17,722 BTC, an increase of 141% from December 2023.
This growth in Bitcoin holdings can be attributed to Riot’s strategic BTC purchases. This also impacted the company’s shareholder value, with a 39% increase in Bitcoin’s return per fully diluted share.
In December alone, Riot made several Bitcoin purchases. According to information made public on December 12, Riot acquired 5,117 Bitcoins for $510 million. Later that month, the company announced that it had purchased an additional 667 Bitcoins worth $69 million at an average price of $101,135 per BTC.
Riot is not alone in its Bitcoin purchases; companies like Marathon Digital and MicroStrategy have also made similar acquisitions. The Bitcoin miner also announced plans to raise $500 million through a private offering of convertible senior notes planned in 2030 to purchase more Bitcoin.
The company’s shares rose nearly 5% following the announcement, trading at $12.88.
Separately, earlier in 2024, Riot secured a 9.25% stake in Canadian mining company Bitfarms as part of a strategic move to maintain economic viability following the Bitcoin halving.
Another key factor contributing to Riot’s growth is the massive 155% increase in its hash rate in 2024. This critical metric reflects the company’s ability to efficiently mine Bitcoin. The network’s hash rate increased by 52% during the same period.
“Over the course of 2024, we increased our deployed hash rate by 155%, surpassing the network hash rate growth which increased by 52% over the same period. As a result, we have mined, on an unaudited basis, a total of 4,828 bitcoins in 2024 at an all-in net energy cost of 3.4c/kWh,” the CEO added.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. However, readers are advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
