Riot Platforms Mines 516 Bitcoin in December, Boosts Holdings by 141% in 2024

From beincrypto by Ann Maria Shibu

US Bitcoin miner Riot Platforms has announced its Bitcoin production and operation updates for December.

The company said it mined 516 Bitcoin in December, an increase of 4% from November’s 495 Bitcoin.

Riot Platforms’ December Updates

Riot’s increased Bitcoin output comes amid ongoing efforts to expand its mining infrastructure, particularly with the development of its Corsicana Facility. In December, Riot completed the first 400 MW of its Corsicana facility in Texas, marking a significant milestone in the company’s expansion plans.

 Despite all systems now being operational, Riot is taking a careful, phased approach to commissioning the facility.

“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,” Riot CEO Jason Les  said .

While Bitcoin production increased in December compared to November, it went down 17% year over year. In December 2023, the company mined a total of 619 Bitcoin. The average Bitcoin produced per day also went down from 20 in 2023 to 16.5 in 2024.

As of the end of 2024, Riot Platforms said it owned 17,722 BTC, a 141% increase from December 2023. 

This growth in Bitcoin holdings can be attributed to Riot’s strategic BTC purchases. It has also impacted the company’s shareholder value, with a 39% increase in  Bitcoin yield  per fully diluted share.

In December alone, Riot has made multiple Bitcoin purchases. According to information made public on December 12,  Riot acquired 5,117 Bitcoin  for $510 million. Later in the month, the company announced that it had purchased  another 667 Bitcoin worth $69 million  at an average price of $101,135 per BTC.

Riot is not alone in its Bitcoin purchases; companies like Marathon Digital and MicroStrategy have also made similar acquisitions. The  Bitcoin miner  also 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.

Riot Platforms Price Performance. Source:  Yahoo Finance

Separately, 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 .

Another key factor contributing to Riot’s growth is the massive 155% surge in its hash rate in 2024. This critical metric reflects the company’s ability to mine Bitcoin efficiently. The network’s  hash rate  increased by 52% over the same period. 

“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,” the CEO added.