Bitcoin Miner Riot Platforms Reports December Increase in BTC Mining

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In December 2024, Bitcoin mining company Riot Platforms reported a 4% boost in Bitcoin production, producing 516 Bitcoins as opposed to November. This growth was confirmed by the company’s CEO, Jason Les, as Riot continues to expand its mining capabilities, increasing its operational hash rate.

Bitcoin Miner Riot Platforms Reports Increase in BTC Mining

Riot Platforms, a Bitcoin mining company, recently finished the initial 400 MW construction phase for their Corsicana Facility in December. The setup is functional and miners are on-site, but instead of rushing to activate everything at once, they’re taking a phased approach to commissioning. Meanwhile, another BTC miner, MARA, has chosen to loan out 7,377 Bitcoin (representing about 16% of their total holdings of 44,893 BTC) to external parties.

Performing this action aids in preserving both the consistency and reliability of BTC mining power, aligning with Riot’s eco-friendly objectives. While some hash rate is temporarily restricted due to the startup procedure, the project remains on track as planned.

As per Jason Les’ statement, “We are pleased to announce that all necessary systems have now been installed at the Corsicana Facility, marking the completion of the initial 400 MW development phase.” In terms of operation, the increase in hash rate was the major factor that boosted December’s production, aligning with its emphasis on efficiency and output.

Riot Platforms Hash Rate Soars 155% Surge

In 2024, Riot Platforms saw substantial progress, recording a staggering 155% boost in the hashrate it deployed compared to the preceding year. Notably, the network’s overall hashrate grew by 52% during the same timeframe, but Riot’s deployment rate outpaced this expansion pace.

In the year 2024, the company extracted a total of 4,828 Bitcoins, with an average net cost per kilowatt-hour of power usage coming in at approximately 3.4 cents. Simultaneously, Riot took advantage of power curtailment credits and joined energy conservation initiatives with ERCOT and MISO to lower energy expenses and maintain grid balance.

By the year’s close, Bitcoin mining firm Riot held 17,722 Bitcoins, representing a 141% increase compared to the end of December 2023. This surge in holdings led to a 39% rise in Bitcoin returns per fully diluted share, a metric Riot views as crucial for shareholder value creation. The company attributes this growth to operational efficiency and strategic Bitcoin purchasing methods.

Bitcoin Mining Industry Sees Competitive Advancements

In December, Bitcoin mining giant Riot Platforms shared its impressive profits, and other key players in the field also unveiled notable advancements. Similarly, CleanSpark Inc., a significant U.S. Bitcoin miner, reached an important milestone by achieving an operating hash rate of 39.1 EH/s at the end of 2024.

In December alone, CleanSpark mined approximately 668 Bitcoins, increasing its annual total to a substantial 7,024 Bitcoins. Furthermore, the company has embarked on expanding operations into three additional states and aims to scale up to a capacity of 50 Exahash per second by mid-year 2025.

core miner Core Scientific mined approximately 291 Bitcoins in December, managing a mining operation with a hash rate of 19.1 Exahash per second (EH/s). Additionally, the company offered hosting services for other miners’ equipment, which generated an extra 18 Bitcoins. Core Scientific emphasized energy-efficient practices, reaching a fleet efficiency of 24.6 Joules per Terahash (J/TH) in its operations.

In the midst of recent updates, the value of Bitcoin has shown significant fluctuations throughout December. As we speak, the price of BTC momentarily peaked at $102,227. This upward trend can be attributed to a purchase announcement made by MicroStrategy, where they acquired an additional 1,070 Bitcoins for their corporate assets.

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2025-01-06 21:42