Riot Platforms Mined 516 Bitcoin in December

Riot Platforms, the US-based Bitcoin mining company, on Monday said that it has mined 516 Bitcoin in December, an increase of 4% from November’s 495 Bitcoin. As of the end of 2024, Riot Platforms said it owned 17,722 BTC, a 141% increase from December 2023.

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.

While Bitcoin production increased in December 2024 compared with the preceding month, it went down 17% y-o-y as the company has mined 619 Bitcoin in December 2023. The average Bitcoin produced per day also went down from 20 in 2023 to 16.5 in 2024.

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

Riot Platforms CEO Jason Les said that they have finished installation of the final systems at the Corsicana Facility by 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 said.

During 2024, Riot Platforms has increased its deployed hash rate by 155%, exceeding the growth of the network hash rate which increased by 52% over the same period. As a result, the company has mined, on an unaudited basis, a total of 4,828 Bitcoin during 2024 at an all-in net power cost of 3.4c/kWh.

“Our mining operations and strategic purchases made during the year resulted in Riot holding 17,722 Bitcoin at the end of 2024, representing a 141% increase in bitcoin held compared to the end of 2023. This has led to a 39% increase in bitcoin held per fully-diluted Riot share, or bitcoin yield, and represents a metric we will look to continuously improve upon for the benefit of our shareholders going forward,” Jason added.

According to a report published by Be(in)Crypto, 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 such as 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.

Acquisition of Bitfarms

Earlier in 2024, Riot Platforms 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.