Riot Platforms Reports August 2024 Bitcoin (BTC) Production and Operational Highlights

Riot
Platforms,
Inc.
(NASDAQ:
RIOT),
a
prominent
player
in
the
Bitcoin
(BTC)
mining
industry,
has
released
its
unaudited
production
and
operations
updates
for
August
2024.
According
to
Riot
Platforms,
the
company
produced
322
Bitcoin
in
August
and
now
holds
over
10,000
Bitcoin,
marking
a
significant
milestone
in
its
operational
growth.

Bitcoin
Production
and
Operations

In
August
2024,
Riot
Platforms’
Bitcoin
production
totaled
322
BTC,
a
decrease
from
the
370
BTC
produced
in
July
2024
and
slightly
down
from
the
333
BTC
produced
in
August
2023.
The
average
Bitcoin
produced
per
day
was
10.4
BTC,
compared
to
11.9
BTC
in
July
2024
and
10.8
BTC
in
August
2023.
This
represents
a
month-over-month
decline
of
13%
and
a
year-over-year
decrease
of
3%.

The
company’s
Bitcoin
holdings
increased
to
10,019
BTC
by
the
end
of
August,
up
from
9,704
BTC
in
July
2024
and
7,309
BTC
in
August
2023.
This
reflects
a
3%
increase
month-over-month
and
a
37%
increase
year-over-year.
Notably,
Riot
Platforms
did
not
sell
any
Bitcoin
during
the
month,
maintaining
its
strategy
of
holding
the
mined
cryptocurrency.

Operational
Insights

Riot
Platforms’
CEO,
Jason
Les,
highlighted
the
company’s
power
strategy,
which
involves
optimizing
energy
costs
and
contributing
to
the
grid
during
peak
demand
periods.
The
company
generated
power
credits
worth
$5.7
million
in
August,
significantly
higher
than
the
$3.2
million
in
July
2024
but
lower
than
the
$23.3
million
in
August
2023.

Les
mentioned
that
high
temperatures
and
unscheduled
maintenance
at
the
Rockdale
Facility
impacted
uptime.
However,
the
facility
has
since
returned
to
full
operation.
Cooling
systems
at
the
Corsicana
Facility’s
Buildings
A1
and
A2
were
completed
towards
the
end
of
August,
mitigating
the
impact
of
high
temperatures
on
operations
going
forward.

Infrastructure
Developments

Riot
Platforms
is
making
substantial
progress
in
developing
its
Corsicana
Facility.
The
third
100
MW
building,
Building
B1,
is
expected
to
be
fully
operational
by
the
end
of
September.
Development
of
the
final
100
MW
building,
Building
B2,
is
also
underway,
with
miner
deployment
set
to
begin
in
September.

Additionally,
Riot
Platforms
is
increasing
its
hash
rate
at
newly
acquired
facilities
in
Kentucky.
The
company
aims
to
achieve
a
hash
rate
of
28
EH/s
by
the
end
of
the
third
quarter
and
36
EH/s
by
year-end.

Future
Outlook

Riot
Platforms
remains
committed
to
its
strategic
goals,
including
optimizing
energy
consumption
and
expanding
its
mining
capacity.
The
company
continues
to
participate
in
ERCOT’s
Four
Coincident
Peak
Program,
which
allows
it
to
curtail
power
usage
during
peak
demand
periods,
thereby
achieving
substantial
future
cost
savings.

For
more
details,
visit
the
original
announcement
on

Riot
Platforms.

Image
source:
Shutterstock