US Bitcoin mining company, Riot Platforms, has announced Bitcoin production and operations updates for December.
The company said it mined 516 Bitcoins in December, up 4% from 495 Bitcoins in November.
Riot Platforms December announcement
Riot’s increased Bitcoin output is part of its efforts to expand its mining infrastructure, specifically with the development of its Corsicana facility. In December, Riot completed the first 400 MW at its Corsicana facility in Texas, marking a major milestone in the company’s expansion plans.
While all systems are in place, Riot took a gradual approach to bringing the facility online.
“We are pleased to share that the installation of the final systems at Corsicana has been completed, marking the first 400 MW development phase. While the systems are complete and the mining machines are installed, we are conducting a careful on-boarding process to ensure power quality in order to fulfill our commitment to being good stewards of the system. grid system, which delayed some hashrate coming online,” Riot CEO Jason Les said. said.
Although Bitcoin production increased in December compared to November, the year-over-year update was down 17%. In December 2023, the company mined a total of 619 Bitcoins. Average Bitcoin production per day also decreases from 20 in 2023 to 16.5 in 2024.
As of the end of 2024, Riot Platforms said it owned 17,722 BTC, an increase of 141% compared to December 2023.
This growth in Bitcoin holdings is partly due to Riot’s strategic BTC purchases. This also affected the company’s shareholder value, with fully diluted Bitcoin yields per share increasing by 39%.
In December alone, Riot made multiple Bitcoin purchases. According to information published on December 12, Riot purchased 5,117 Bitcoin for $510 million. Later in the month, the company announced it had purchased an additional 667 Bitcoins worth $69 million at an average price of $101,135 per BTC.
Riot isn’t the only company buying Bitcoin; Companies like Marathon Digital and MicroStrategy have also made similar moves. This Bitcoin miner also announced plans to raise $500 million through the issuance of convertible bonds due in 2030 to buy more Bitcoin.
The company’s shares rose nearly 5% following the announcement, trading at $12.88.
Previously in 2024, Riot owned a 9.25% stake in Canadian mining company Bitfarms as a strategic move to maintain economic viability after Bitcoin’s halving event.
Another important factor contributing to Riot’s growth is the 155% increase in their Hashrate in 2024. This important measure reflects the company’s ability to mine Bitcoin efficiently. The network’s hashrate also increased by 52% during the same period.
“In 2024, we increased our deployed Hashrate by 155%, surpassing the network Hashrate growth of 52% over the same period. As a result, we mined a total of 4,828 bitcoins in 2024 at an all-in energy cost of 3.4 cents per kWh,” the CEO added.
