Riot Platforms Mines 516 Bitcoin in December, Increases Holdings to 17,722 BTC
Riot Platforms produced 516 Bitcoin in December 2024, a 4% increase from November’s 495 BTC but a 17% decrease compared to December 2023's 619 BTC. Daily production fell from 20 BTC in December 2023 to 16.5 BTC in December 2024.
The company focused on its Corsicana facility in Texas, completing the initial 400 MW development phase. CEO Jason Les emphasized a cautious approach to fully bringing the facility online to ensure grid stability. This methodical process delayed the full deployment of hash rate capacity.
In 2024, Riot’s Bitcoin holdings increased by 141%, reaching 17,722 BTC by year-end. This growth resulted from strategic purchases, including 5,117 BTC for $510 million on December 12 and another 667 BTC for $69 million later that month, with an average acquisition price of $101,135 per Bitcoin. The company plans to raise $500 million through convertible senior notes due in 2030 to fund further Bitcoin purchases.
Riot shares rose nearly 5%, trading at $12.88 following these updates. Earlier in 2024, Riot acquired a 9.25% stake in Canadian mining firm Bitfarms to enhance economic resilience post-Bitcoin halving. The company also achieved a 155% increase in its hash rate during the year, outpacing 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, contributing to its strong performance.
Riot’s strategy aligns with industry trends, as firms like Marathon Digital and MicroStrategy have expanded their Bitcoin holdings. Focusing on strategic growth and operational efficiency, Riot Platforms has solidified its position in the Bitcoin mining sector.