Coinspeaker Riot Platforms Increased Bitcoin Holdings by 141% in 2024 to 17,722 BTC
Riot Platforms Inc. (NASDAQ: RIOT), a Bitcoin BTC $101 758 24h volatility: 4.1% Market cap: $2.02 T Vol. 24h: $48.72 B mining company based in the United States, has released an unaudited production and operations update for December 2024. According to the announcement, Riot Platforms produced 516 Bitcoins in December 2024, a 17 percent decline compared to 619 coins in the same month in 2023.
However, the company’s Bitcoin production in December increased by 4 percent month-over-month. As a result, Riot Platforms increased its Bitcoin trove to 17,722 coins, representing a 142 percent surge YoY and a 55 percent increase MoM.
The company attributed its ongoing increase in capacity to its impressive performance over the year. Furthermore, the company increased its hash rate by 31.5 EH/s in December, up 155 percent YoY. Notably, Riot Platforms increased its hash rate by 15 EH/s in Rockdale, by 14.1 EH/s in Corsicana, and by around 2.4 EH/s in Kentucky.
“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,” Jason Les, CEO of Riot Platforms, noted.
For the entire year, Riot Platforms mined a total of 4,828 Bitcoins. During the first quarter of 2025, the company expects to increase its mining hash rate by 34.5 EH/s, assuming a full buildout of the Corsicana and Kentucky capacity in addition to the addition of more MicroBT products.
Market Impact of Riot Platforms Bitcoin Mining Performance
Following the impressive performance in December 2024 and the satisfying projections in the coming quarters, the company’s stock market rallied over 5 percent to trade at about $12.98 on Monday, January 6, during the early New York session.
The $4.24 billion valued company has seen its stock market gain over 58 percent in the last three months, fueled by the ongoing Bitcoin price rally. Interestingly, the RIOT shares received an average of Buy rating from 17 different Wall Street analysts.
As Coinspeaker previously explained, Riot Platforms has grown to a major Bitcoin holder largely due to its secondary purchases through convertible bond issuances. For instance, Riot Platforms used $525 million in December 2024 to purchase 5,117 BTCs at an average price of $99,669.
The continued Bitcoin purchases by institutional investors have helped fuel the ongoing bull rally beyond $100k. Furthermore, the supply of Bitcoin on centralized exchanges has continued to drop as investors bet on President Trump’s administration on pro-crypto regulations.
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Riot Platforms Increased Bitcoin Holdings by 141% in 2024 to 17,722 BTC
