Riot Platforms (RIOT) Reports June 2024 Bitcoin Production and Hash Rate Achievements

Riot
Platforms,
Inc.
(NASDAQ:
RIOT),
a
leading
player
in
the
Bitcoin
(BTC)
mining
industry,
has
announced
its
unaudited
production
and
operations
updates
for
June
2024.
The
company
achieved
a
significant
milestone
by
reaching
a
deployed
hash
rate
of
22.0
exahashes
per
second
(EH/s),
surpassing
its
Q2
2024
target.
According
to
Riot
Platforms,
the
company
produced
255
Bitcoin
in
June
2024.

Bitcoin
Production
and
Operations

Riot’s
June
2024
Bitcoin
production
saw
a
notable
increase
compared
to
the
previous
month,
with
a
total
of
255
BTC
produced,
up
from
215
BTC
in
May
2024.
However,
this
represents
a
45%
decrease
compared
to
June
2023,
when
the
company
produced
460
BTC.
The
average
Bitcoin
produced
per
day
in
June
2024
was
8.5,
marking
a
23%
increase
month-over-month
but
a
45%
decrease
year-over-year.

The
company
held
9,334
Bitcoin
by
the
end
of
June
2024,
up
from
9,084
in
May
2024
and
7,250
in
June
2023.
Notably,
Riot
did
not
sell
any
Bitcoin
during
June
2024,
which
contrasts
with
the
400
BTC
sold
in
June
2023,
generating
$10.6
million
in
net
proceeds.

Hash
Rate
and
Power
Strategy

Riot’s
total
deployed
hash
rate
reached
22.0
EH/s
by
the
end
of
June
2024,
a
significant
increase
from
14.7
EH/s
in
May
2024
and
10.7
EH/s
in
June
2023.
The
company
achieved
this
by
energizing
additional
capacity
at
its
Rockdale
and
Corsicana
facilities.
The
average
operating
hash
rate
for
June
2024
was
11.4
EH/s,
up
30%
from
May
2024
and
90%
from
June
2023.

Riot’s
CEO,
Jason
Les,
highlighted
the
company’s
power
strategy,
which
involves
being
a
flexible
consumer
of
power.
Riot
earned
$6.2
million
in
power
credits
in
June
2024,
reducing
its
net
cost
of
power
to
an
estimated
2.4
cents
per
kilowatt-hour
(c/kWh)
at
the
Rockdale
facility
and
3.9
c/kWh
at
the
Corsicana
facility.
The
combined
cost
of
power
across
both
facilities
was
2.6
c/kWh,
among
the
lowest
in
the
industry.

Infrastructure
and
Expansion

Riot
is
progressing
with
Phase
1
of
its
Corsicana
facility,
which
is
expected
to
have
a
total
mining
capacity
of
400
megawatts
(MW)
upon
completion.
The
facility’s
full
development
is
anticipated
to
reach
1
gigawatt
(1,000
MW).
In
June,
Riot
completed
the
first
100
MW
building
at
Corsicana
and
nearly
completed
the
second
building.
Development
for
the
third
building
is
on
schedule,
with
the
structure
fully
erected
and
concrete
slab
pouring
in
progress.

Future
Prospects

Riot
anticipates
achieving
a
total
self-mining
hash
rate
capacity
of
31
EH/s
by
the
end
of
2024.
The
company
has
entered
into
several
purchase
agreements
with
MicroBT,
including
orders
for
immersion
miners
and
air-cooled
miners
for
its
Corsicana
and
Rockdale
facilities.
Deployment
of
these
miners
is
expected
to
be
completed
by
the
second
half
of
2025,
potentially
increasing
Riot’s
total
self-mining
hash
rate
capacity
to
41
EH/s.

Conference
and
Recruitment

Riot
will
participate
in
the
Bitcoin
Nashville
2024
conference,
scheduled
to
be
held
in
Nashville,
TN,
from
July
25th
to
27th.
The
company
is
also
actively
recruiting
for
various
positions
to
support
its
growth
and
expansion.
Open
positions
are
available
on
Riot’s
official
website.

For
more
details,
visit
the

official
source.

Image
source:
Shutterstock