Riot Platforms Reports 142% Increase in Bitcoin Holdings to 17,722 BTC
Riot Platforms Inc. (NASDAQ: RIOT), a U.S.-based Bitcoin mining company, released an unaudited production and operations update for December 2024. The company produced 516 Bitcoins in December 2024, a 17 percent decline from 619 coins in December 2023. However, production increased by 4 percent month-over-month, raising Riot's Bitcoin holdings to 17,722 coins, reflecting a 142 percent year-over-year surge and a 55 percent month-over-month increase.
Riot attributed its capacity increase to strong performance throughout the year. The company's hash rate rose to 31.5 EH/s in December, up 155 percent year-over-year. Increases in hash rate included 15 EH/s in Rockdale, 14.1 EH/s in Corsicana, and approximately 2.4 EH/s in Kentucky.
“We have finished installation of the final systems at the Corsicana Facility, completing the first 400 MW development phase. While all systems have been completed with miners installed, we are undertaking a measured commissioning process to ensure power quality,” stated Jason Les, CEO of Riot Platforms.
For 2024, Riot Platforms mined a total of 4,828 Bitcoins. In the first quarter of 2025, the company anticipates increasing its mining hash rate by 34.5 EH/s, contingent upon full buildout of the Corsicana and Kentucky facilities and the addition of more MicroBT products.
Market Impact of Riot Platforms Bitcoin Mining Performance
Following the December 2024 performance and positive projections, the company's stock rose over 5 percent to approximately $12.98 on January 6. The company, valued at $4.24 billion, has experienced a stock gain of over 58 percent in the last three months, driven by the Bitcoin price rally. Analysts have given RIOT shares an average Buy rating based on assessments from 17 different Wall Street analysts.
Riot Platforms has become a significant Bitcoin holder due to secondary purchases through convertible bond issuances, including $525 million spent in December 2024 to acquire 5,117 BTC at an average price of $99,669. Ongoing institutional Bitcoin purchases have contributed to the current bull market beyond $100k, while Bitcoin supply on centralized exchanges continues to decrease amid expectations of pro-crypto regulations under President Trump’s administration.