Riot Platforms Reports August 2024 Bitcoin Production and Operational Highlights
Riot Platforms, Inc. (NASDAQ: RIOT), a pioneering entity in the domain of vertically integrated Bitcoin mining, has released its unaudited operational report for August 2024, announcing noteworthy production and operational achievements. In the month of August, Riot successfully produced a total of 322 Bitcoin, marking a further milestone as the company exceeds the threshold of 10,000 Bitcoin held, now totaling 10,019 Bitcoin.
In discussing the operational dynamics, Jason Les, Chief Executive Officer of Riot, emphasized the challenges posed by the peak energy demands typically observed in August due to elevated temperatures in Texas. He indicated that through the company’s distinctive power strategy, Riot was able to optimize energy costs effectively, ensuring that the company remained responsive to the peak energy requirements on the ERCOT grid. Notably, the company generated significant power credits during this period, leading to an average all-in power cost of $20 per MWh at the Rockdale Facility. Conversely, the Corsicana Facility incurred a higher all-in power cost of $39 per MWh as it relied on real-time spot pricing for energy purchases.
Additionally, the month saw some operational interruptions due to extreme weather and unscheduled maintenance at the Rockdale Facility, although the affected facility has since resumed full operation. Construction progress also continued as the company advanced the development of its third 100 MW building, Building B1, at the Corsicana Facility, with intentions for it to commence full operations by the end of September. Riot is also focused on enhancing its hash rate output at its recently acquired Kentucky facilities, maintaining its developmental objectives of reaching 28 EH/s by the close of the third quarter and aiming for a year-end hash rate expansion to 36 EH/s.
Riot Platforms persists in its commitment to adapt its power consumption strategies according to the prevailing energy landscape. The company has been participating in the ERCOT’s Four Coincident Peak Program, which incentivizes reduced energy usage during peak demand periods in the summer months. This initiative is instrumental in providing substantial cost savings and evidences Riot’s collaborative engagement with grid operators and energy consumers alike.
The ongoing developments at the Corsicana Facility encompass the advancements of Phase 1, which is projected to culminate in a total mining capacity of 1 gigawatt (1,000 MW). Riot continues to make significant advancements in completing the ongoing construction towards this end.
As Riot Platforms endeavors to solidify its position as a leader in the Bitcoin mining landscape, the company is actively recruiting skilled individuals to expand its workforce in alignment with its ambitious growth strategy. Interested candidates can explore open positions on the company’s official career page.
In summary, Riot Platforms, Inc. reported a robust operational performance in August 2024, demonstrating its capacity to adapt and thrive amid demanding conditions. The company’s forward-looking strategies and infrastructural advancements signify its commitment to leading the Bitcoin-driven infrastructure space.
For further details, please consult the official website of Riot Platforms, Inc. at www.riotplatforms.com.
Statements made in this release regarding future performance are prospective and must be understood in the context of inherent risks and uncertainties. Further information regarding risk factors and uncertainties can be found in the company’s filings with the U.S. Securities and Exchange Commission.
For investor inquiries:
Phil McPherson
Tel: 303-794-2000 ext. 110
Email: [email protected]
For media inquiries:
Alexis Brock
Tel: 303-794-2000 ext. 118
Email: [email protected]
Source: Riot Platforms, Inc.
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