Riot Platforms Boosts Bitcoin Production by 45% and Expands Mining Capacity Into Kentucky
Riot Platforms, Inc. (NASDAQ: RIOT), a prominent player in Bitcoin (BTC) mining, has revealed significant advancements in its production and operations for July 2024. As per the updates on riotplatforms.com, the company achieved a remarkable feat by producing 370 BTC in July, indicating a 45% surge from the previous month.
Bitcoin Production and Operations
The production of 370 BTC in July by Riot marked a substantial increase from the 255 BTC generated in June 2024. Although there was a 10% decline compared to July 2023, where the production was 410 BTC, the company managed to raise the average daily Bitcoin production to 11.9 from 8.5 in June. At the end of July, Riot held 9,704 BTC, showcasing a 4% growth from June and a 33% increase year-over-year.
Expansion into Kentucky
Riot Platforms made a significant move by acquiring Block Mining, a private miner based in Kentucky, to expand its mining operations. This acquisition immediately added 1 exahash per second (EH/s) of self-mining capacity to Riot’s operations. The company aims to enhance its hash rate capacity in Kentucky to 5 EH/s by the year-end, utilizing the existing facilities procured through the acquisition.
Infrastructure Developments
Riot is currently working on Phase 1 of its Corsicana Facility, projected to reach 400 megawatts (MW) of mining capacity once completed. The fully developed Corsicana Facility is expected to house 1 gigawatt (GW) in mining capability. Additionally, the facility is set to boost Riot’s self-mining capacity by adding 16 EH/s by the end of 2024.
- The acquisition of Block Mining revised Riot’s deployed hash rate guidance from 31 EH/s to 36 EH/s.
- Riot now forecasts a total self-mining hash rate capacity of 56 EH/s by 2025.
Power Strategy and Credits
Riot’s power strategy is designed to be adaptable, focusing on utilizing low-cost power efficiently. During high-demand periods, the company can either reduce power consumption to control costs or competitively bid to provide grid operators with control over its power usage. This strategy not only aids grid stability but also leads to significant savings on future costs.
- Riot’s participation in ERCOT’s Four Coincident Peak Program (4CP) during July is expected to yield substantial savings.
Hash Rate Growth Projections
Riot is on track to attain a total self-mining hash rate capacity of 36 EH/s by the end of 2024. This growth is fueled by the completion of key infrastructure projects like the Corsicana Facility and the integration of Block Mining’s operations in Kentucky.
Human Resources Update
Riot is actively hiring for various positions across the organization. Those interested can explore the open positions at Riot Platforms Careers.
About Riot Platforms, Inc.
Riot Platforms, Inc. aims to establish itself as a leading Bitcoin-focused infrastructure platform, striving to make a positive impact on the sectors, networks, and communities it engages with through innovative strategies and robust community partnerships. The company operates Bitcoin mining facilities in central Texas and Kentucky, with electrical switchgear engineering and fabrication operations based in Denver, Colorado.
Hot Take: Unlocking Growth Potential in Bitcoin Mining
Dear Crypto Enthusiast, Riot Platforms’ recent surge in Bitcoin production and strategic expansion into Kentucky signifies a promising growth trajectory in the crypto mining landscape. With a focus on enhancing hash rate capacity, optimizing power strategies, and fostering community partnerships, Riot is poised to drive significant advancements in the industry. Stay tuned for more updates on Riot’s innovative initiatives and contributions to the evolving Bitcoin ecosystem.
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