Riot Platforms Reports Increased Bitcoin Production and Expansion Updates
Whales Accumulate Bitcoin
US-based Bitcoin miner Riot Platforms has released its December updates, showcasing a 4% increase in Bitcoin production compared to November. The company mined 516 Bitcoin in December, despite a 17% year-over-year decrease from December 2023’s 619 Bitcoin.
Expansion Efforts and Infrastructure Development
Riot’s increased Bitcoin output can be attributed to its ongoing efforts to expand its mining infrastructure, particularly with the development of its Corsicana Facility in Texas. In December, the company completed the first 400 MW of the facility, marking a significant milestone in its expansion plans. However, Riot is taking a cautious approach to commissioning the facility to ensure power quality and avoid disrupting the electrical grid.
“We are pleased to share that 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 as part of our commitment to being good stewards of the electrical grid, which has delayed some hash rate from coming online,” said Jason Les, CEO of Riot Platforms.
Bitcoin Holdings and Strategic Purchases
As of the end of 2024, Riot Platforms owns 17,722 BTC, a 141% increase from December 2023. This growth in Bitcoin holdings can be attributed to the company’s strategic BTC purchases, which have also impacted shareholder value with a 39% increase in Bitcoin yield per fully diluted share. In December, Riot made multiple Bitcoin purchases, including 5,117 Bitcoin for $510 million and 667 Bitcoin worth $69 million at an average price of $101,135 per BTC.
Fundraising and Partnerships
Riot Platforms has announced plans to raise $500 million through a private offering of convertible senior notes due in 2030 to purchase more Bitcoin. The company’s shares were up nearly 5% following the announcement, trading at $12.88. Earlier in 2024, Riot secured a 9.25% stake in Canadian miner Bitfarms in a strategic move to maintain economic viability following the Bitcoin halving.
Hash Rate Growth and Efficiency
Riot’s hash rate has surged by 155% in 2024, exceeding the growth of the network hash rate, which increased by 52% over the same period. This critical metric reflects the company’s ability to mine Bitcoin efficiently. “During the year 2024, we increased our deployed hash rate by 155%, exceeding the growth of the network hash rate which increased by 52% over the same period. As a result, we mined, on an unaudited basis, a total of 4,828 bitcoin during 2024 at an all-in net power cost of 3.4c/kWh,” added Les.
Conclusion
Riot Platforms’ December updates showcase the company’s commitment to expanding its mining infrastructure and increasing its Bitcoin holdings through strategic purchases. With a growing hash rate and efficient mining operations, Riot is well-positioned for future growth. As the company continues to navigate the evolving cryptocurrency landscape, its focus on sustainability and economic viability will be crucial in maintaining its competitive edge.
Source: Beincrypto.com
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