Riot Announces December 2024 Production and Operations Updates

Rhea-AI Summary

Riot Platforms reported mining 516 Bitcoin in December 2024, a 4% increase from November but 17% lower than December 2023. The company's total deployed hash rate reached 31.5 EH/s, marking a 155% year-over-year increase. Riot completed installation at the Corsicana Facility's first 400 MW development phase.

The company's Bitcoin holdings grew to 17,722, representing a 141% increase compared to 2023. Throughout 2024, Riot mined 4,828 bitcoin at an average all-in net power cost of 3.4c/kWh. The company's fleet efficiency improved to 21.9 J/TH, a 21% improvement year-over-year. Total power credits for December were $1.0 million, including $0.8 million in power curtailment credits and $0.3 million in demand response credits.

Positive

• Total deployed hash rate increased 155% YoY to 31.5 EH/s
• Bitcoin holdings increased 141% YoY to 17,722 BTC
• Fleet efficiency improved 21% YoY to 21.9 J/TH
• Bitcoin per million fully diluted shares increased 39% YoY
• All-in power cost decreased 7% YoY to 3.8c/kWh

Negative

• Monthly Bitcoin production decreased 17% YoY from 619 to 516
• Power credits decreased 26% MoM to $1.0 million
• Demand response credits decreased 45% YoY to $0.3 million

Insights

Financial Analyst

Riot's December performance reveals strategic operational expansion with 516 BTC mined, marking a 4% MoM increase. The company's substantial 155% YoY hash rate growth significantly outpaced the network's 52% increase, demonstrating aggressive infrastructure scaling. Most notably, BTC holdings surged to 17,722, representing a remarkable 141% YoY increase, with 5,784 BTC acquired in December alone. The average power cost remained highly competitive at 3.8¢/kWh, positioning Riot advantageously in the mining sector. The completion of Corsicana's 400 MW first phase marks a significant milestone in infrastructure development, though the measured commissioning approach indicates prudent operational management. The 39% increase in bitcoin yield per fully-diluted share demonstrates effective capital allocation and operational efficiency improvements.

Energy Infrastructure Expert

The power infrastructure metrics showcase Riot's operational excellence. The company's multi-site strategy across Rockdale, Corsicana and Kentucky demonstrates geographical risk diversification while maintaining remarkably low power costs ranging from 3.6¢ to 4.6¢/kWh. The 21% improvement in fleet efficiency to 21.9 J/TH indicates successful deployment of newer generation mining hardware. Power credits of $1.0 million from grid participation programs, though down 26% MoM, show continued engagement in demand response initiatives. The careful commissioning process at Corsicana reflects sophisticated power management and grid stewardship, important for long-term operational sustainability and community relations.

Market Research Analyst

The December metrics position Riot strategically for the upcoming Bitcoin halving. The decision to retain all mined BTC and substantially increase holdings through additional purchases signals strong confidence in Bitcoin's long-term value proposition. The 155% hash rate growth demonstrates aggressive market share capture, while maintaining industry-leading power costs provides important operational leverage. The improved bitcoin yield per share metric creates a compelling investment narrative, effectively transforming Riot into a leveraged Bitcoin holding company with significant mining operations. This dual strategy of operational expansion and Bitcoin accumulation could provide significant upside potential in a bull market scenario while maintaining operational sustainability through efficient mining operations.

Riot Produces 516 Bitcoin in December 2024

CASTLE ROCK, Colo., Jan. 6, 2025 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin ("BTC") mining, announces unaudited production and operations updates for December 2024.  

Bitcoin Production and Operations Updates for December 2024
						Comparison (%)
Metric		December 2024 1	November 2024 1	December 2023		Month/Month	Year/Year
Bitcoin Produced		516	495	619		4 %	-17 %
Average Bitcoin Produced per Day		16.6	16.5	20.0		1 %	-17 %
Bitcoin Held 2		17,722 3	11,425	7,362		55 %	141 %
Bitcoin Sold		-	-	590		N/A	N/A
Bitcoin Sales - Net Proceeds		-	-	$25.3 million		N/A	N/A
Average Net Price per Bitcoin Sold		N/A	N/A	$42,872		N/A	N/A
Deployed Hash Rate - Rockdale 2		15.0 EH/s	15.0 EH/s	12.4 EH/s		0 %	21 %
Deployed Hash Rate - Corsicana 2		14.1 EH/s	13.9 EH/s	-		2 %	N/A
Deployed Hash Rate - Kentucky 2		2.4 EH/s	1.8 EH/s	N/A		29 %	N/A
Deployed Hash Rate - Total 2		31.5 EH/s	30.8 EH/s	12.4 EH/s		3 %	155 %
Avg. Operating Hash Rate - Rockdale 4		12.1 EH/s	11.3 EH/s	8.6 EH/s		8 %	41 %
Avg. Operating Hash Rate - Corsicana 4		13.1 EH/s	12.9 EH/s	-		2 %	N/A
Avg. Operating Hash Rate - Kentucky 4		2.2 EH/s	1.6 EH/s	N/A		38 %	N/A
Avg. Operating Hash Rate - Total 4		27.4 EH/s	25.8 EH/s	8.6 EH/s		6 %	220 %
Power Credits 5		$0.8 million	$1.0 million	$0.0 million		-26 %	2,299 %
Demand Response Credits 6		$0.3 million	$0.4 million	$0.5 million		-25 %	-45 %
Total Power Credits		$1.0 million	$1.4 million	$0.6 million		-26 %	85 %
All-in Power Cost - Rockdale 7		3.9c/kWh	3.8c/kWh	4.1c/kWh		1 %	-6 %
All-in Power Cost - Corsicana 7		3.6c/kWh	3.8c/kWh	N/A		-6 %	N/A
All-in Power Cost - Kentucky 7		4.6c/kWh	3.9c/kWh	N/A		17 %	N/A
All-in Power Cost - Total 7		3.8c/kWh	3.8c/kWh	4.1c/kWh		-1 %	-7 %
Fleet Efficiency 2		21.9 J/TH	22.3 J/TH	27.6 J/TH		-2 %	-21 %
Bitcoin per 1 Million Fully Diluted S/O 8		44.3	31.6	31.8		40 %	39 %

1. Unaudited, estimated.
2. As of month-end.
3. Bitcoin holdings include 5,784 Bitcoin acquired in December 2024.
4. Average over the month.
5. Estimated power curtailment credits.
6. Estimated credits received from participation in ERCOT and MISO demand response programs.
7. Estimated. Inclusive of all transmission and distribution charges, fees, adders, and taxes. Net of Total Power Credits.
8. Fully diluted shares outstanding includes common stock outstanding, all additional shares resulting from the assumed conversion of all outstanding convertible notes, exercise of all outstanding stock option awards, and settlement of all outstanding shares of restricted stock units and performance stock units.

"Riot mined 516 bitcoin in December, a 4% increase over the previous month, as we continue increasing operational hash rate," said Jason Les, CEO of Riot. "We are pleased to share that we have finished installation of the final systems at the Corsicana Facility, completing the first 400 MW development phase. While all systems have been completed with miners installed, we are undertaking a measured commissioning process to ensure power quality as part of our commitment to being good stewards of the electrical grid, which has delayed some hash rate from coming online.

"During the year 2024, we increased our deployed hash rate by 155%, exceeding the growth of the network hash rate which increased by 52% over the same period. As a result, we mined, on an unaudited basis, a total of 4,828 bitcoin during 2024 at an all-in net power cost of 3.4c/kWh. Our mining operations and strategic purchases made during the year resulted in Riot holding 17,722 bitcoin at the end of 2024, representing a 141% increase in bitcoin held compared to the end of 2023. This has led to a 39% increase in bitcoin held per fully-diluted Riot share, or 'bitcoin yield', and represents a metric we will look to continuously improve upon for the benefit of our shareholders going forward."

Estimated Hash Rate Growth

Investor Events

• Needham 27^th Annual Growth Conference, held virtually on January 17^th
• Nashville Energy and Mining Summit 2024 held in Nashville, TN, January 30^th – 31^st

Human Resources Update   

Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.  

Open positions are available at: https://www.riotplatforms.com/careers.    

About Riot Platforms, Inc.   

Riot's (NASDAQ: RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.   

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado.   

For more information, visit www.riotplatforms.com.   

Safe Harbor   

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential," "hope," and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company's plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the development of our mining facilities in Texas, Kentucky and elsewhere; our expected schedule of new miner deliveries; our access to electrical power; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; megawatt ("MW") capacity under development; we may not be able to realize the anticipated benefits from immersion cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company's management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the risks, uncertainties and other factors discussed under the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC's website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.   

Investor Contact:   
Phil McPherson   
303-794-2000 ext. 110  
IR@Riot.Inc   

Media Contact:   
Alexis Brock   
303-794-2000 ext. 118   
PR@Riot.Inc   

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SOURCE Riot Platforms, Inc.

FAQ

How many Bitcoin did RIOT mine in December 2024?

RIOT mined 516 Bitcoin in December 2024, representing a 4% increase from November 2024 but a 17% decrease from December 2023.

What is RIOT's total deployed hash rate as of December 2024?

RIOT's total deployed hash rate reached 31.5 EH/s in December 2024, a 155% increase year-over-year from 12.4 EH/s.

How many Bitcoin does RIOT hold as of December 2024?

RIOT held 17,722 Bitcoin as of December 2024, including 5,784 Bitcoin acquired in December, representing a 141% increase from December 2023.

What was RIOT's average power cost per kWh in December 2024?

RIOT's total all-in power cost was 3.8c/kWh in December 2024, representing a 7% decrease year-over-year.

How much did RIOT improve its fleet efficiency in 2024?

RIOT's fleet efficiency improved to 21.9 J/TH in December 2024, representing a 21% improvement compared to December 2023.