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Riot Platforms reports dip in Bitcoin production

EditorRachael Rajan
Published 02/05/2024, 09:23 AM
Updated 02/05/2024, 09:23 AM
© Reuters

CASTLE ROCK, Colo. - Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT), a key player in Bitcoin mining, has revealed its unaudited production and operational figures for January 2024, noting a decrease in Bitcoin production compared to previous months. The company produced 520 Bitcoins in January, a 16% drop from December 2023 and a 30% decrease from January 2023. Despite the lower production, Riot's Bitcoin holdings increased by 4% month-over-month and 10% year-over-year, reaching 7,648 Bitcoins by the end of January.

The company sold 212 Bitcoins in January, significantly down by 64% from December 2023 and 70% from January 2023, with net proceeds totaling $9.5 million. This represents a 62% and 31% decrease from December 2023 and January 2023, respectively. However, the average net price per Bitcoin sold rose to $44,860, up by 5% from December 2023 and 129% from January 2023.

Riot's deployed hash rate and the number of deployed miners remained constant at 12.4 EH/s and 112,944, respectively, despite the production drop. The company benefited from $3.3 million in Power and Demand Response Credits due to its power curtailment efforts during Texas' extreme cold in January, which helped stabilize the grid.

Looking ahead, Riot is developing its second large-scale facility, the Corsicana Facility, which is expected to add 400 megawatts of capacity in its first phase. The substation for this facility is scheduled to be energized by the end of March 2024, with operations to follow. The company anticipates a total self-mining hash rate capacity of 29 EH/s by the end of 2024, expecting to reach 38 EH/s upon full deployment in 2025.

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In preparation for the anticipated Bitcoin halving in April 2024, Riot plans to retain a larger proportion of its monthly Bitcoin production, leveraging its liquidity profile to become one of the largest Bitcoin holders.

The information in this article is based on a press release.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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