Riot Platforms produced 516 Bitcoin in December 2024, a 4% increase from November’s 495 BTC, though it marked a 17% drop compared to December 2023, when 619 BTC were mined. Daily Bitcoin production also declined from 20 BTC in December 2023 to 16.5 BTC in December 2024. The company’s expansion efforts focused on its Corsicana facility in Texas, where the initial 400 MW development phase was completed. Riot CEO Jason Les highlighted a cautious approach to bringing the facility fully online, ensuring grid stability. This methodical process has temporarily delayed the full deployment of hash rate capacity. In 2024, Riot’s Bitcoin holdings surged by 141%, reaching 17,722 BTC by year’s end. This increase stemmed largely from strategic purchases, including 5,117 BTC for $510 million on December 12 and another 667 BTC for $69 million later that month. The average price of these acquisitions was $101,135 per Bitcoin. Additionally, the company announced plans to raise $500 million through convertible senior notes due in 2030 to fund further Bitcoin purchases. Riot shares climbed nearly 5%, trading at $12.88 after the updates. Earlier in 2024, Riot acquired a 9.25% stake in Canadian mining firm Bitfarms, aiming to bolster economic resilience post-Bitcoin halving. The company also experienced a significant 155% increase in its hash rate during the year, surpassing the overall network hash rate growth of 52%. Riot mined 4,828 Bitcoin in 2024 at an average net power cost of 3.4 cents per kWh. This efficiency was a key driver of its strong performance. Riot’s actions align with broader industry trends, as other firms like Marathon Digital and MicroStrategy have also expanded their Bitcoin holdings. With a focus on strategic growth and operational efficiency, Riot Platforms solidified its position as a leading player in the Bitcoin mining sector.
