Riot Platforms, a prominent vertically integrated Bitcoin mining company, has released its unaudited production and operations updates for October 2024. The report highlights key performance metrics, strategic developments, and future growth projections.
Bitcoin Production Highlights
In October 2024, Riot achieved a significant milestone by producing 505 Bitcoin. This represents a 23% increase compared to September 2024 and a 10% year-over-year growth from October 2023. The average daily Bitcoin production also saw a substantial rise, reaching 16.8 BTC per day.
- Total Bitcoin Held: As of the end of October, the company held 10,928 Bitcoin, a 5% increase from the previous month and a 49% surge compared to the same period last year.
- Bitcoin Sales: Notably, the company did not sell any Bitcoin in October 2024. This is in contrast to October 2023, when 440 BTC were sold for net proceeds of $12.5 million.
Hash Rate and Operational Capacity
A critical measure of mining performance, the total deployed hash rate, reached 29.4 EH/s by the end of October. This growth was primarily driven by continued expansion at the Corsicana Facility.
- Corsicana Facility: Deployed hash rate increased to 13.0 EH/s, a 10% month-over-month growth.
- Rockdale Facility: Maintained a steady deployed hash rate of 15.0 EH/s.
- Kentucky Operations: Contributed an additional 1.4 EH/s.
The average operating hash rate, which reflects the actual computational power used throughout the month, saw an even more dramatic increase. The total average operating hash rate was 22.7 EH/s, a 16% increase from September and a remarkable 234% surge year-over-year.
Power Management and Costs
Riot's power strategy involves participating in demand response programs, which can generate credits but also impact mining activity.
- Total Power Credits: The company earned an estimated $1.0 million in power and demand response credits, a decrease from previous months. This was comprised of $0.3 million in power curtailment credits and $0.7 million from demand response programs.
- All-in Power Cost: The overall cost of power, inclusive of all fees and net of credits, averaged 3.9 cents per kWh across all sites. This reflects an increase from the previous month, influenced by market conditions and credit fluctuations.
Strategic Developments and Facility Expansion
Riot is actively executing its growth strategy, with significant progress at its flagship Corsicana site.
Corsicana Facility Phases:
- Phase 1 (400 MW): Nearing completion. This phase represents the first major block of the planned 1 gigawatt (1,000 MW) development.
- Phase 2 (600 MW): Development has commenced. Long-lead electrical components have been ordered, with the first buildings from this phase expected to become operational in the second half of 2025.
The deployment of latest-generation MicroBT miners at Corsicana is a key driver behind the recent hash rate growth and improved efficiency.
Leadership Commentary
Jason Les, CEO of Riot, commented on the results: "In October, Riot achieved a new post-halving milestone in production, with 505 Bitcoin mined in the month. This 23% increase in production from September is a reflection of both the ongoing growth in our deployed hash rate and of the efforts to improve our operational efficiency. We are pleased with the positive operational momentum underway and look forward to continuing this progress."
Upcoming Investor Events
Riot's management team is scheduled to present at several upcoming industry conferences:
- Cantor Fitzgerald Crypto, Digital Assets & AI Conference (Miami, Florida - November 13th-14th)
- Roth Capital 13th Annual Technology Conference (New York City, New York - November 20th)
- North American Blockchain Summit (Dallas, Texas - November 20th-21st)
These events provide opportunities for investors to gain further insights into the company's strategy and performance.
Frequently Asked Questions
How many Bitcoin did Riot mine in October 2024?
Riot produced 505 Bitcoin in October 2024. This represents a significant increase from the 412 BTC mined in September 2024 and 458 BTC in October 2023.
What is Riot's total deployed hash rate?
As of the end of October 2024, Riot's total deployed hash rate reached 29.4 EH/s. This growth is central to the company's strategy of expanding its mining capacity. For a deeper look at hash rate metrics and their importance, you can explore more mining strategies.
Did Riot sell any Bitcoin in October?
No, Riot did not sell any of its Bitcoin production in October 2024. The company's holdings increased to 10,928 BTC, reflecting a strategy of accumulation.
What is the status of the Corsicana facility expansion?
Phase 1 (400 MW) of the Corsicana facility is nearing completion. The company has also begun development on Phase 2 (600 MW), with first buildings from that phase expected online in late 2025.
How does Riot manage its power costs?
Riot participates in demand response programs with grid operators, earning credits for reducing power usage during periods of high demand. These credits help offset its overall electricity costs, which averaged 3.9 cents/kWh in October.
Where can I find more information about Riot's financials?
The company files regular reports with the U.S. Securities and Exchange Commission (SEC). All audited financial statements and detailed disclosures are available through the SEC's EDGAR database.
Company Overview
Riot Platforms, Inc. (NASDAQ: RIOT) is focused on building the world's leading Bitcoin-driven infrastructure platform. The company pursues a vertically integrated strategy, encompassing Bitcoin mining operations in Texas and Kentucky, as well as electrical switchgear engineering and fabrication. Its mission is to positively impact the sectors, networks, and communities it serves through innovation and strong partnerships.
Forward-looking statements in this report are based on current expectations and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these statements.