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Riot Platforms triples mining capacity by 2024
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Riot Platforms recently released its December 2024 operational updates. The company reported a total production of 516 Bitcoins (BTC) for the last month of the year. This is an increase of 4% compared to November. As a result, the second largest mining company in the world ended the year with 17,722 BTC, an increase of 141% compared to 2023, when it ended with 7,362 BTC.
According to the mining company’s statement, in December the Average Bitcoin production per day was approximately 16.6 BTC. Despite representing an increase of 0.1 BTC compared to November, the number is lower than that recorded in the same period in 2023, when 20 BTC was mined per day.
The reduction is a reflection of the Bitcoin halving, which took place in April this year. The event halved the BTC rewards per block mined. The drop would probably be greater if the company had not invested in new facilities.
In 2024, the mining company based in Castle Rock, Colorado, invested in the creation of two new mining centersin Corsicana, Texas, from Kentucky. Both are still running at idle capacity, but helped the company end the year with around 31.5 EH/s (exahashes per second).
More Hash, more BTC
For comparison purposes, in 2023 the total hash rate (amount of computing power employed in verifying and mining transactions on a blockchain network) was only 12.4 EH/s.
The report further indicates that the company plans to increase mining capacity by 46.98% in 2025and end the year with a capacity of 46.3 EH/s. With just over 1 million BTC left to be mined, Riot plans reach 2027, one year before the last having, with a capacity of 100 EH/s.
Financially, Riot Platforms can also celebrate the year 2024. After all, the company held 7,363 BTC at the end of last year, when the cryptocurrency celebrated New Year’s Eve worth around US$42,000. Throughout 2024, the mining company added another 10,360 BTC, ending the year with 17,722 BTC.
Of this volume, 4,576 BTC were obtained through mining and 5,784 BTC were acquired through the issuance of convertible bonds in December. Thus, the net worth invested by the mining company in BTC jumped from US$309 million in 2023 to US$1.6 billion in 2024.
With a market capitalization of US$4 billion, Rio is the second largest Bitcoin mining company in the worldsecond only to Marathon. Furthermore, the company’s shares, which spent much of last year falling, rose again in December according to data from Google Finance, with the release of results and operational plans for the future.
Riot Platforms triples mining capacity by 2024
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Riot Platforms triples mining capacity by 2024
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Riot Platforms triples mining capacity by 2024
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Riot Platforms triples mining capacity by 2024
