Key Takeaways
- Riot Platforms produced 322 Bitcoin in August 2024.
- Riot's total Bitcoin holdings surpassed 10,000, a 37% increase year-over-year.
- Power credits earned in August reached $6.4 million, up 90% from July.
Riot Platforms, Inc. (NASDAQ: RIOT) has released its August 2024 operational updates, reporting a production of 322 Bitcoin, marking a 13% decrease from July and a 3% drop year-over-year.
Despite this, Riot’s total Bitcoin holdings surpassed 10,000, reflecting a 37% increase from last year.
Total hash rate
The company’s total deployed hash rate reached 23.5 EH/s, representing a 128% growth compared to August 2023.
Riot’s Rockdale facility saw a 14% decrease in average hash rate due to unscheduled maintenance, while cooling system upgrades at the Corsicana site are expected to enhance future operations.
Power strategy
CEO Jason Les highlighted the benefits of the company’s power strategy, which allowed it to generate $6.4 million in power credits by curtailing operations during Texas’ peak demand periods.
This strategy led to reduced energy costs, with Rockdale’s all-in power costs at $20/MWh, while Corsicana’s stood at $39/MWh.
Les also mentioned significant progress at Riot’s Corsicana facility, where the third 100 MW building is expected to be fully operational by the end of September, contributing to Riot’s hash rate targets of 28 EH/s for Q3 and 36 EH/s by year-end.
