Riot Increases Bitcoin Output 4% in December
American Bitcoin miner Riot Platforms announced its Bitcoin production and operations in December.
The company said it mined 516 Bitcoins in December, a 4% increase from the 495 Bitcoins mined in November.
December Update for Riot Platform
Riot’s ongoing efforts to expand its mining infrastructure, specifically the development of its Corsicana facility, has increased Bitcoin production. In December, Riot completed the first 400 megawatts of power generation at its Corsicana, Texas, facility, marking a major milestone in the company’s expansion plans.
While all systems are now operational, Riot is taking a cautious, phased approach to commissioning the facility.
“We are pleased to report that we have completed the installation of the final systems at our Corsicana facility, completing the first 400 MW development phase. While all systems are complete and miners installed, we are in the process of A rigorous commissioning process to ensure power quality, which is part of our commitment to being good stewards of the grid, has delayed some hashrate coming online,” Riot CEO Jason Les said. explain.
Although Bitcoin production increased in December compared with November, it was down 17% year-on-year. In December 2023, the company mined a total of 619 Bitcoins. The average number of Bitcoins produced per day will also drop from 20 in 2023 to 16.5 in 2024.
As of the end of 2024, Riot Platforms said it had 17,722 BTC, a 141% increase from December 2023.
The growth in Bitcoin holdings can be attributed to Riot’s strategic BTC purchases. It also impacted the company’s shareholder value, which increased by 39% Bitcoin Yield per fully diluted share.
Riot made multiple Bitcoin purchases in December alone. According to information released on December 12, Riot acquires 5,117 Bitcoins $510 million. Later this month, the company announced it had acquired Another 667 Bitcoins, worth $69 million The average price per BTC is $101,135.
Riot isn’t the only company buying Bitcoin. Companies such as Marathon Digital and MicroStrategy have made similar acquisitions. this bitcoin miner also announced Plans to raise $500 million Purchase more Bitcoin through a private placement of convertible senior notes in 2030.
After the news was announced, the company’s shares rose nearly 5%, trading at $12.88.
Additionally, earlier in 2024, Riot acquires 9.25% stake in Canadian miner Bitfarms takes strategic steps to maintain economic vitality Bitcoin Halving.
Another key factor driving Riot’s growth is its massive 155% surge in computing power in 2024. This key metric reflects the company’s ability to mine Bitcoin efficiently. network Computing power Growth was 52% over the same period.
“In 2024, we increased our deployed computing power by 155%, outpacing the 52% increase in network computing power during the same period. As a result, on an unaudited basis, we mined a total of 4,828 Bitcoins during 2024 for a total net Electricity costs are 3.4c/kWh,” the CEO added.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
