Riot Platforms Reports 370 Bitcoin Production in July 2024 and Kentucky Expansion

Riot
Platforms,
Inc.
(NASDAQ:
RIOT),
a
leader
in
vertically
integrated
Bitcoin
(BTC)
mining,
has
reported
significant
updates
on
its
production
and
operations
for
July
2024,
according
to

riotplatforms.com.
The
company
announced
the
production
of
370
BTC
in
July,
marking
a
45%
increase
from
the
previous
month
of
June.

Bitcoin
Production
and
Operations

Riot’s
production
of
370
BTC
in
July
represents
a
substantial
increase
from
the
255
BTC
produced
in
June
2024.
However,
it
is
a
10%
decrease
compared
to
July
2023,
when
410
BTC
were
produced.
The
average
Bitcoin
produced
per
day
in
July
was
11.9,
up
from
8.5
in
June
but
down
from
13.2
in
July
2023.
As
of
the
end
of
July,
Riot
held
9,704
BTC,
a
4%
increase
from
June
and
a
33%
increase
year-over-year.

Expansion
into
Kentucky

Riot
Platforms
also
announced
its
acquisition
of
Block
Mining,
a
vertically
integrated
private
miner
operating
in
Kentucky.
This
acquisition
immediately
added
1
exahash
per
second
(EH/s)
of
self-mining
capacity.
The
company
plans
to
expand
its
hash
rate
capacity
in
Kentucky
to
5
EH/s
by
the
end
of
the
year,
leveraging
the
already
available
capacity
at
the
newly
acquired
facilities.

Infrastructure
Developments

Riot
is
currently
developing
Phase
1
of
its
Corsicana
Facility,
which
is
expected
to
reach
400
megawatts
(MW)
of
mining
capacity
upon
completion.
Once
fully
developed,
the
Corsicana
Facility
is
anticipated
to
total
1
gigawatt
(GW)
in
mining
capacity.
The
facility
is
set
to
add
16
EH/s
to
Riot’s
self-mining
capacity
by
the
end
of
2024.

The
acquisition
of
Block
Mining
has
prompted
Riot
to
revise
its
2024
deployed
hash
rate
guidance
from
31
EH/s
to
36
EH/s.
The
company
now
expects
a
total
self-mining
hash
rate
capacity
of
56
EH/s
by
2025.

Power
Strategy
and
Credits

Riot’s
power
strategy
is
designed
to
be
flexible,
consuming
power
when
it
is
low-cost
and
abundant.
During
periods
of
high
demand,
the
company
can
either
power
down
to
reduce
costs
or
bid
competitively
to
provide
grid
operators
with
control
over
its
power
usage.
This
strategy
allows
Riot
to
contribute
to
grid
stability
and
achieve
substantial
savings
on
future
costs.

In
July,
Riot
continued
its
participation
in
ERCOT’s
Four
Coincident
Peak
Program
(4CP),
curtailing
operations
during
peak
periods
of
demand.
This
participation
is
expected
to
result
in
significant
savings
and
aligns
with
Riot’s
partnership-driven
approach
with
the
grid
and
other
power
consumers
in
ERCOT.

Hash
Rate
Growth
Projections

Riot
anticipates
achieving
a
total
self-mining
hash
rate
capacity
of
36
EH/s
by
the
end
of
2024.
This
growth
is
supported
by
the
completion
of
various
infrastructure
projects,
including
the
Corsicana
Facility
and
the
integration
of
Block
Mining’s
operations
in
Kentucky.

Human
Resources
Update

Riot
is
actively
recruiting
for
various
positions
across
the
company.
Interested
individuals
can
explore
open
positions
at

Riot
Platforms
Careers.

About
Riot
Platforms,
Inc.

Riot
Platforms,
Inc.
aims
to
be
a
leading
Bitcoin-driven
infrastructure
platform.
The
company’s
mission
is
to
positively
impact
the
sectors,
networks,
and
communities
it
engages
with
through
innovative
strategies
and
strong
community
partnerships.
Riot
operates
Bitcoin
mining
facilities
in
central
Texas
and
Kentucky
and
has
electrical
switchgear
engineering
and
fabrication
operations
in
Denver,
Colorado.

Image
source:
Shutterstock