Riot Platforms Reports Significant Growth in Bitcoin Production and Holdings for December 2024
In December 2024, Riot Platforms mined 516 Bitcoin, a 4% increase from November but down 17% from December 2023. The company achieved a total hash rate of 31.5 EH/s, marking a 155% increase year-over-year, while Bitcoin holdings rose to 17,722, a 141% increase. The average power cost was 3.4 cents per kWh, with fleet efficiency improving to 21.9 J/TH.
Riot Platforms has announced its operational performance for December 2024, revealing that it successfully mined 516 Bitcoin during the month. This result demonstrates a 4% increase compared to the previous month but signifies a 17% decline year-over-year. Notably, the total deployed hash rate surged to 31.5 EH/s, reflecting an impressive 155% increase from the previous year. Additionally, the company’s Bitcoin reserves rose to 17,722, marking a substantial 141% increase since 2023. In 2024, Riot mined a total of 4,828 Bitcoin, with an average all-in net power cost of 3.4 cents per kWh. The company’s fleet efficiency also saw significant improvement, now at 21.9 J/TH, which indicates a 21% enhancement year-over-year. December’s total power credits amounted to $1.0 million, comprising $0.8 million in power curtailment credits and $0.3 million in demand response credits.
Riot Platforms, a leader in Bitcoin mining and digital infrastructure, continues to expand its operational capabilities significantly. The company employs a vertically integrated strategy to enhance its mining efficiency and economic viability. With advancements in hash rate and fleet efficiency, Riot positions itself competitively within the cryptocurrency market. The overall financial performance and asset growth further signify Riot’s potential as a key player in the Bitcoin mining sector.
In summary, Riot Platforms has demonstrated robust operational growth with a notable increase in its Bitcoin production and reserves. The company’s strategic focus on enhancing hash rate and fleet efficiency has yielded positive outcomes, although a decline in monthly production compared to the previous year indicates challenges ahead. As Riot Platforms continues to optimize its operations and expand facilities, it is well-placed to leverage the evolving dynamics of the cryptocurrency market.
Original Source: www.stocktitan.net
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