STOCK TITAN

Riot Announces October 2024 Production and Operations Updates

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

Riot Platforms reported significant growth in October 2024, producing 505 Bitcoin, a 23% increase from September and 10% year-over-year. The company's total deployed hash rate reached 29.4 EH/s, marking a 152% increase from October 2023. Riot held 10,928 Bitcoin at month-end, up 49% year-over-year. The company's Corsicana Facility is nearing completion of Phase 1 (400 MW) and has commenced development of Phase 2 (600 MW), with operations expected to begin in second half of 2025. Total power credits decreased to $1.0 million, down 56% from September, while all-in power costs increased to 3.9c/kWh.

Riot Platforms ha riportato una crescita significativa nell'ottobre 2024, producendo 505 Bitcoin, con un aumento del 23% rispetto a settembre e del 10% su base annua. Il tasso di hash totale dell'azienda ha raggiunto 29,4 EH/s, segnando un incremento del 152% rispetto a ottobre 2023. Riot deteneva 10.928 Bitcoin alla fine del mese, un aumento del 49% su base annua. La Corsicana Facility dell'azienda si avvicina al completamento della Fase 1 (400 MW) e ha avviato lo sviluppo della Fase 2 (600 MW), con operazioni previste per la seconda metà del 2025. I crediti totali per l'energia sono diminuiti a 1,0 milioni di dollari, in calo del 56% rispetto a settembre, mentre i costi complessivi per l'energia sono aumentati a 3,9c/kWh.

Riot Platforms informó un crecimiento significativo en octubre de 2024, produciendo 505 Bitcoin, un aumento del 23% en comparación con septiembre y del 10% interanual. La tasa total de hash de la empresa alcanzó 29.4 EH/s, marcando un incremento del 152% en comparación con octubre de 2023. Riot poseía 10,928 Bitcoin al final del mes, un aumento del 49% interanual. La Corsicana Facility de la empresa está cerca de completar la Fase 1 (400 MW) y ha comenzado el desarrollo de la Fase 2 (600 MW), con operaciones que se espera inicien en la segunda mitad de 2025. Los créditos totales de energía disminuyeron a $1.0 millones, un 56% menos que en septiembre, mientras que los costos totales de energía aumentaron a 3.9c/kWh.

Riot Platforms는 2024년 10월에 505 비트코인을 생산하여 23%의 증가율을 보였으며, 전년 대비 10% 증가했습니다. 회사의 총 해시율은 29.4 EH/s에 도달하여 2023년 10월보다 152% 증가했습니다. Riot은 월말 기준으로 10,928 비트코인을 보유하고 있으며, 이는 전년 대비 49% 증가한 수치입니다. 회사의 Corsicana Facility는 1단계(400 MW) 완료가 가까워지고 있으며 2단계(600 MW) 개발을 시작하였고, 운영은 2025년 하반기 시작될 예정입니다. 총 전력 크레딧은 100만 달러로 감소하였고, 이는 9월 대비 56% 하락한 수치이며, 전체 전력 비용은 3.9c/kWh로 증가했습니다.

Riot Platforms a signalé une croissance significative en octobre 2024, produisant 505 Bitcoin, soit une augmentation de 23 % par rapport à septembre et de 10 % par rapport à l'année précédente. La puissance de hachage totale de l'entreprise a atteint 29,4 EH/s, marquant une augmentation de 152 % par rapport à octobre 2023. Riot détenait 10 928 Bitcoin à la fin du mois, en hausse de 49 % par rapport à l'année précédente. La Corsicana Facility de l'entreprise est sur le point de finaliser la phase 1 (400 MW) et a commencé le développement de la phase 2 (600 MW), avec un début d'exploitation prévu pour la seconde moitié de 2025. Les crédits d'énergie totaux ont diminué à 1 million de dollars, en baisse de 56 % par rapport à septembre, tandis que les coûts totaux de l'énergie ont augmenté à 3,9 c/kWh.

Riot Platforms berichtete von einem signifikanten Wachstum im Oktober 2024, mit einer Produktion von 505 Bitcoin, was einem Anstieg von 23% im Vergleich zu September und 10% im Vergleich zum Vorjahr entspricht. Die gesamte Hash-Rate des Unternehmens erreichte 29,4 EH/s, was einem Anstieg von 152% im Vergleich zu Oktober 2023 entspricht. Riot hielt zum Monatsende 10.928 Bitcoin, was einem Anstieg von 49% im Jahresvergleich entspricht. Das Corsicana Facility des Unternehmens nähert sich dem Abschluss der Phase 1 (400 MW) und hat mit der Entwicklung der Phase 2 (600 MW) begonnen, mit dem Betriebsbeginn in der zweiten Hälfte von 2025. Die Gesamtstromgutschriften sanken auf 1,0 Millionen Dollar, ein Rückgang um 56% gegenüber September, während die Gesamtkosten für Strom auf 3,9 Cent/kWh stiegen.

Positive
  • Bitcoin production increased 23% month-over-month to 505 BTC
  • Total deployed hash rate grew 152% year-over-year to 29.4 EH/s
  • Bitcoin holdings increased 49% year-over-year to 10,928 BTC
  • Corsicana Facility expansion progressing with Phase 2 development initiated
Negative
  • Total power credits decreased 56% month-over-month to $1.0 million
  • All-in power costs increased 10% month-over-month to 3.9c/kWh
  • Power credits declined 65% year-over-year from $2.8M to $1.0M

Insights

The October operational update reveals significant growth metrics for Riot. Bitcoin production increased by 23% month-over-month to 505 BTC, while total deployed hash rate reached 29.4 EH/s, marking a 152% year-over-year increase. The company's strategic decision to hold all mined Bitcoin in October has increased their holdings to 10,928 BTC, up 49% from last year.

Despite operational improvements, power costs rose to 3.9¢/kWh, up 10% month-over-month, while power credits decreased by 56% to $1.0 million. The expansion of the Corsicana facility demonstrates strong execution of growth plans, though higher power costs could pressure margins in the near term.

The expansion at Corsicana facility positions Riot strategically in the post-halving environment. The planned 1 gigawatt capacity demonstrates ambitious scaling plans, with Phase 2 (600 MW) development already underway. The increased hash rate deployment at Corsicana, up 10% to 13.0 EH/s, shows strong operational execution.

The company's improved operational efficiency is evident in the 27% increase in Corsicana's average operating hash rate. This operational leverage, combined with zero Bitcoin sales in October, suggests a bullish outlook on Bitcoin's price potential, though it also increases exposure to market volatility.

Riot Produces 505 Bitcoin in October 2024 and Increases Hash Rate Deployed to 29.4 EH/s

CASTLE ROCK, Colo., Nov. 4, 2024 /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 October 2024.  

Bitcoin Production and Operations Updates for October 2024







Comparison (%)

Metric


October 20241

September 20241

October 2023


Month/Month

Year/Year

Bitcoin Produced


505

412

458


23 %

10 %

Average Bitcoin Produced per Day


16.8

13.7

14.8


23 %

14 %

Bitcoin Held2


10,928

10,427

7,345


5 %

49 %

Bitcoin Sold


-

-

440


N/A 

N/A 

Bitcoin Sales - Net Proceeds


-

-

$12.5 million 


N/A 

N/A 

Average Net Price per Bitcoin Sold


N/A 

N/A 

$28,408


N/A 

N/A 

     Deployed Hash Rate - Rockdale2


15.0 EH/s 

15.0 EH/s 

11.7 EH/s 


0 %

28 %

     Deployed Hash Rate - Corsicana2


13.0 EH/s 

11.9 EH/s 

-


10 %

N/A 

     Deployed Hash Rate - Kentucky2,3


1.4 EH/s 

1.3 EH/s 

N/A 


11 %

N/A 

 Deployed Hash Rate - Total2


29.4 EH/s 

28.2 EH/s 

11.7 EH/s 


5 %

152 %

     Avg. Operating Hash Rate - Rockdale4


10.5 EH/s 

9.7 EH/s 

6.8 EH/s 


9 %

55 %

     Avg. Operating Hash Rate - Corsicana4


11.0 EH/s 

8.6 EH/s 

-


27 %

N/A 

     Avg. Operating Hash Rate - Kentucky3,4


1.2 EH/s 

1.2 EH/s 

N/A 


4 %

N/A 

 Avg. Operating Hash Rate - Total4


22.7 EH/s 

19.5 EH/s 

6.8 EH/s 


16 %

234 %

     Power Credits5


$0.3 million 

$1.9 million 

$1.0 million 


-85 %

-71 %

     Demand Response Credits6


$0.7 million 

$0.3 million 

$1.8 million 


111 %

-62 %

 Total Power Credits


$1.0 million 

$2.2 million 

$2.8 million 


-56 %

-65 %

     All-in Power Cost - Rockdale7


4.0c/kWh 

3.5c/kWh 

3.3c/kWh 


16 %

21 %

     All-in Power Cost - Corsicana7


3.6c/kWh 

3.5c/kWh 

N/A 


3 %

N/A 

     All-in Power Cost - Kentucky7,8


4.1c/kWh 

4.0c/kWh 

N/A 


2 %

N/A 

 All-in Power Cost - Total7


3.9c/kWh 

3.5c/kWh 

3.3c/kWh 


10 %

16 %

  1. Unaudited, estimated.
  2. As of month-end.
  3. Includes self-mining capacity hosted outside of Kentucky.
  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. All-in power cost for Kentucky sites only.

"In October, Riot achieved a new post-halving milestone in production, with 505 Bitcoin mined in the month," said Jason Les, CEO of Riot. "This 23% increase in production from September is a reflection of both the ongoing growth in our deployed hash rate and of the efforts to improve our operational efficiency. During the month of October, our deployed hash rate increased to 29.4 EH/s, driven by new deployments of latest generation MicroBT miners at the Corsicana Facility. We are pleased with the positive operational momentum underway and look forward to continuing this progress."

Riot's Corsicana Facility

Riot's Corsicana Facility, Building B1

Corsicana Updates

Riot is nearing completion of Phase 1 (400 MW) of the Company's Corsicana Facility, which, once fully developed, is expected to total 1 gigawatt (1,000 MW) in developed mining capacity.

Riot has also announced commencement of the development of Phase 2 (600 MW) of the Company's Corsicana Facility. Long lead electrical infrastructure components have been ordered, and the first buildings will begin operation in the second half of 2025.

Estimated Hash Rate Growth

Hash Rate Growth

Investor Events

  • Cantor Fitzgerald Crypto, Digital Assets & AI Conference held in Miami, Florida November 13th – 14th
  • Roth Capital 13th Annual Technology Conference held in New York City, New York on November 20th  
  • North American Blockchain Summit held in Dallas, Texas November 20th – 21st

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; 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   

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/riot-announces-october-2024-production-and-operations-updates-302294810.html

SOURCE Riot Platforms, Inc.

FAQ

How many Bitcoin did Riot produce in October 2024?

Riot produced 505 Bitcoin in October 2024, representing a 23% increase from September 2024 and a 10% increase year-over-year.

What was Riot's deployed hash rate in October 2024?

Riot's total deployed hash rate reached 29.4 EH/s in October 2024, a 5% increase from September 2024 and a 152% increase year-over-year.

How many Bitcoin does Riot (RIOT) hold as of October 2024?

Riot held 10,928 Bitcoin as of October 2024, representing a 5% increase from September 2024 and a 49% increase year-over-year.

What is the status of Riot's Corsicana Facility expansion?

Riot is nearing completion of Phase 1 (400 MW) and has begun development of Phase 2 (600 MW), with operations expected to begin in the second half of 2025.

Riot Platforms, Inc.

NASDAQ:RIOT

RIOT Rankings

RIOT Latest News

RIOT Stock Data

4.03B
307.90M
7.3%
40.88%
14.02%
Capital Markets
Finance Services
Link
United States of America
CASTLE ROCK