Riot Platforms, a bitcoin miner, has reported a 4% increase in BTC production, mining 516 BTC in December 2024, as it expands its hash rate.
Riot Platforms, a Bitcoin miner, 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 increased its operational hash rate.
Bitcoin Miner Riot Platforms Reports an Increase in BTC Mining
Riot Platforms, a Bitcoin miner, has declared that the initial 400 MW of the development phase of its Corsicana Facility was finalized in December. The company has implemented a gradual commissioning strategy even though all systems are operational and miners are present. This action is in the wake of BTC miner MARA’s decision to lend 7,377 Bitcoin (BTC) to third parties, which accounts for 16% of its total reserves of 44,893 BTC.
This action will contribute to preserving the grid’s stability and the quality of power generated by BTC mining, which are integral components of Riot’s sustainability initiatives. Due to the commissioning process, a portion of the hashrate has been delayed; however, the project remains on track.
Jason Les stated, “We are delighted to announce that the final systems have been installed at the Corsicana Facility, concluding the initial 400 MW development phase.” The primary driver of the December production was the hash rate growth, which is consistent with the company’s emphasis on efficiency and output. Operationally, this was the case.
The hash rate on Riot platforms has experienced a 155% increase
In 2024, Riot Platforms achieved substantial accomplishments, including a 155% increase in the hash rate it deployed compared to the previous year. The network hash rate increased by 52% during the same period, and Riot’s deployment was even more rapid than this growth.
The company mined 4,828 BTCs in 2024, with an average net power cost of $0.034 kWh. Throughout this time, Riot concurrently utilized power curtailment credits and engaged in demand response programs with ERCOT and MISO to support grid stability and reduce energy costs.
The Bitcoin miner Riot had 17,722 BTC at the end of the year, which is 141% more than it had at the end of December 2023. The company considers this growth one of the key parameters of shareholder value creation, resulting in a 39% increase in Bitcoin yield per fully diluted share. This is attributed to the efficient operations and a well-executed Bitcoin purchase strategy, such as Riot.
The Bitcoin mining industry is experiencing competitive advancements
In December, Riot Platforms, a Bitcoin miner, announced its accomplishments; however, other prominent mining companies also disclosed substantial updates. After 2024, CleanSpark Inc., an additional significant Bitcoin miner in the United States, achieved an important milestone by attaining an operating hash rate of 39.1 EH/s.
In December, CleanSpark mined 668 BTC, bringing its total production for the year to 7,024 BTC. Additionally, CleanSpark announced its intention to achieve a capacity of 50 EH/s by mid-2025 and expanded its operations to three new states.
Meanwhile, Core Scientific, a Bitcoin miner, reported a self-mining output of 291 BTC in December. The company operates a fleet with a hash rate of 19.1 EH/s. An additional 18 BTC was generated by the company’s hosting services for customer-owned miners. Core Scientific prioritized energy-efficient operations, attaining a fleet efficiency of 24.6 J/TH.
As of press time, the Bitcoin price has experienced significant movement during December, briefly reaching $102,227 amid these announcements. This surge occurred following a purchase announcement from MicroStrategy, which increased its corporate treasury by 1,070 BTC.
