Key Takeaways
- Riot mined 516 Bitcoin in December, a 4% increase over November.
- Riot's Bitcoin holdings rose 141% in 2024 to 17,722 BTC.
- Hash rate efficiency surged 155%, exceeding network growth of 52%.
US-based Bitcoin miner Riot Platforms announced a productive December, mining 516 BTC, a 4% increase from November’s 495 BTC.
However, this represents a 17% decline year-over-year compared to 619 BTC mined in December 2023.
Infrastructure growth & grid management
The company attributed the year’s strong performance to its growing infrastructure, including the completion of 400 MW at its Corsicana facility in Texas.
Despite full system installations, Riot is phasing in operations to maintain grid stability.
CEO Jason Les emphasized their cautious approach, stating:
We are undertaking a measured commissioning process to ensure power quality as part of our commitment to being good stewards of the electrical grid.
Bitcoin holdings & strategic acquisitions
By year-end 2024, Riot’s Bitcoin holdings surged to 17,722 BTC, up 141% from 2023, thanks to strategic acquisitions.
In December alone, Riot purchased 5,784 BTC for $579 million, at an average price of $101,135 per Bitcoin.
These moves have boosted shareholder value, with Bitcoin yield per share increasing 39%.
Operational efficiency & market performance
Riot’s hash rate efficiency also surged by 155% in 2024, outperforming the network’s 52% growth during the same period.
Riot mined 4,828 BTC throughout the year at a low net power cost of 3.4 cents/kWh.
The company’s shares rose nearly 5% following these updates, closing at $12.88.
