Riot Platforms, Inc. (NASDAQ: RIOT), a leading vertically integrated Bitcoin mining company, has released its unaudited production and operations updates for December 2024. The report highlights key performance metrics, strategic developments, and future growth projections.
December 2024 Key Performance Highlights
In December 2024, Riot produced 516 Bitcoin, marking a 4% increase from November 2024. However, this reflects a 17% decrease compared to December 2023. The company's average daily Bitcoin production stood at 16.6 BTC.
A significant development is the growth in Bitcoin holdings. As of the end of December, Riot held 17,722 Bitcoin, a substantial 141% increase year-over-year. This includes 5,784 Bitcoin acquired during the month. Notably, the company did not sell any Bitcoin in December, a shift from the 590 BTC sold in the same month last year.
Operational Capacity and Hash Rate Growth
Riot's total deployed hash rate reached 31.5 EH/s by the end of December, a 3% increase from the previous month and a massive 155% surge compared to December 2023.
The breakdown by facility shows:
- Rockdale Facility: Maintained a steady 15.0 EH/s.
- Corsicana Facility: Increased to 14.1 EH/s from 13.9 EH/s.
- Kentucky Facility: Grew significantly to 2.4 EH/s from 1.8 EH/s.
The average operating hash rate, which reflects actual performance throughout the month, totaled 27.4 EH/s, a 6% monthly and a 220% yearly increase.
Financial and Power Management
The company's power management strategy continued to yield credits. Total power credits for December were $1.0 million, derived from:
- Power Curtailment Credits: $0.8 million.
- Demand Response Credits: $0.3 million.
The all-in power cost across all facilities remained efficient at 3.8 cents per kilowatt-hour (kWh). The company's fleet efficiency also improved to 21.9 joules per terahash (J/TH), indicating more productive mining operations.
CEO Commentary and Strategic Outlook
Jason Les, CEO of Riot, commented on the results. He noted the completion of the first 400 MW development phase at the Corsicana Facility, with all systems installed. He emphasized a measured commissioning process to ensure power quality and grid stability.
Les highlighted Riot's significant growth in 2024, stating, "We increased our deployed hash rate by 155%, exceeding the growth of the network hash rate which increased by 52% over the same period." For the full year 2024, Riot mined an estimated 4,828 Bitcoin at an all-in net power cost of 3.4c/kWh.
This operational success and strategic Bitcoin acquisitions have dramatically increased the company's Bitcoin holdings per share, a metric referred to as "bitcoin yield," which Riot aims to continue improving for shareholder benefit. To understand how hash rate impacts network security and value, you can explore more about Bitcoin mining metrics.
Frequently Asked Questions
How many Bitcoin did Riot produce in December 2024?
Riot produced 516 Bitcoin in December 2024. This represents a 4% increase from the previous month but a 17% decrease compared to December 2023, reflecting changes in network difficulty and operational deployment.
What is Riot's total Bitcoin holding?
As of December 31, 2024, Riot held 17,722 Bitcoin. This is a significant increase from the 7,362 BTC held at the end of 2023, driven by both mining production and strategic acquisitions throughout the year.
What are power credits in Bitcoin mining?
Power credits are financial incentives earned by mining companies for reducing energy consumption during periods of high grid demand. Riot earned an estimated $1.0 million in such credits in December by participating in demand response programs and power curtailment.
What does 'deployed hash rate' mean?
Deployed hash rate refers to the total maximum computational power installed and connected to the network across all mining facilities. Riot's total deployed hash rate was 31.5 EH/s at the end of December, indicating its full potential capacity.
Did Riot sell any Bitcoin in December 2024?
No, Riot did not sell any Bitcoin in December 2024. This is a change from its strategy in December 2023, when it sold 590 Bitcoin. The decision to hold aligns with its strategy of strengthening its balance sheet.
What is the significance of the Corsicana Facility?
The Corsicana Facility represents a major expansion for Riot. The completion of its first 400 MW phase is a key milestone, significantly contributing to the company's hash rate growth and long-term scaling strategy. For those interested in the infrastructure behind digital assets, learn about advanced mining operations.
Looking Ahead
Riot's focus remains on increasing its operational hash rate and optimizing its mining efficiency. The company is actively recruiting to support its expansion and infrastructure goals. While forward-looking statements involve risks and uncertainties, including power access and miner deployment schedules, Riot's December report demonstrates strong operational execution and a solid strategic position within the Bitcoin mining industry.