Riot Platforms Sees 148% Hash Rate Growth Year-Over-Year Despite Bitcoin Production Drop
Riot Platforms produced 495 Bitcoin in November 2024, down 2% from October and down 10% year-over-year. The total deployed hash rate reached 30.8 EH/s, a 148% increase year-over-year. Average operating hash rate improved by 13% to 25.8 EH/s. Riot’s power cost was efficient at 3.8 cents per kWh, and Bitcoin holdings increased by 5% to 11,425 BTC.
In November 2024, Riot Platforms produced 495 Bitcoin, marking a 2% decrease from October and a 10% decline year-over-year. Despite these production challenges, the company’s total deployed hash rate rose to 30.8 EH/s, reflecting an impressive 148% increase compared to the previous year and a 5% rise from October. Notably, average operating hash rate improved by 13% to 25.8 EH/s, and total power credits amounted to $1.4 million, showcasing enhanced operational efficiency. Riot maintained an efficient power cost of 3.8 cents per kWh and increased its Bitcoin holdings to 11,425 BTC, a 5% rise since October. The operational updates emphasize both advancements in infrastructure and strategic growth despite a slight reduction in Bitcoin output.
Riot Platforms, Inc. operates in the Bitcoin mining and digital infrastructure sector, focusing on vertically integrated strategies to enhance operational capabilities. Over the past year, Riot has significantly expanded its infrastructure capacity, leading to substantial growth in its hash rate. This operational update reflects the company’s continuous efforts to optimize its mining capabilities and cost efficiencies despite fluctuations in Bitcoin production. The company aims to leverage its holdings and power credits to sustain its market competitiveness while navigating challenges in the cryptocurrency landscape.
Riot Platforms has demonstrated resilience in its operations amidst a drop in Bitcoin production. The substantial growth in hash rate and improvements in operational efficiency highlight the company’s strategic expansion and innovation. With a strong Bitcoin treasury and competitive power costs, Riot is well-positioned for future opportunities in the cryptocurrency mining sector.
Original Source: www.stocktitan.net
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