Riot Platforms reports decline in Bitcoin production
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CASTLE ROCK, Colo. – Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT), a key player in Bitcoin mining, has disclosed its unaudited production figures for February 2024, noting a decrease in Bitcoin production compared to previous months.
The company produced 418 Bitcoin in February, a 20% drop from January 2024 and a 38% decrease from February 2023.
The average daily production of Bitcoin also fell by 14% month-over-month and 40% year-over-year. Despite the drop in production, the company’s Bitcoin holdings increased by 5% from the previous month, reaching 8,067 Bitcoin by the end of February.
Riot’s CEO, Jason Les, announced a new purchase order for 31,500 miners to be installed at the Rockdale Facility, aimed at enhancing mining efficiency and uptime. This installation is expected to increase the facility’s hash rate capacity to 15.1 EH/s, with 17,000 of the miners replacing underperforming units.
The company anticipates improved performance following the installation, which is scheduled to commence in the second quarter and conclude in the third quarter of 2024.
Riot is also progressing with the development of its Corsicana Facility, with the first phase expected to offer 400 megawatts of mining capacity. The first building of this phase has been completed, and the 400 MW substation is slated to be energized by the end of March 2024, with operations to follow shortly thereafter.
The company’s hash rate capacity is projected to reach 31 EH/s by the end of 2024, with a total anticipated capacity of 41 EH/s upon full deployment in 2025.
The company’s recent activities include participating in industry conferences and continuing to recruit for various positions across the organization.
Riot Platforms, with operations in Texas and Colorado, emphasizes its commitment to positively impacting the sectors and communities it serves. The company’s strategy focuses on vertically integrated Bitcoin mining and digital infrastructure.
This article is based on a press release statement from Riot Platforms, Inc.
