Riot Platforms, Inc. Updates on Bitcoin Production and Operations in June 2024 🚀
Riot Platforms, Inc. (NASDAQ: RIOT), a key player in the Bitcoin (BTC) mining sector, recently shared its unaudited production and operations updates for June 2024. The company achieved a remarkable milestone by hitting a deployed hash rate of 22.0 exahashes per second (EH/s), surpassing its Q2 2024 target. In addition, Riot Platforms produced 255 Bitcoin during the same period.
Bitcoin Production and Operations 🪙
During June 2024, Riot’s Bitcoin production witnessed a significant increase compared to the previous month, with a total output of 255 BTC, up from 215 BTC in May 2024. However, this figure reflects a 45% decrease compared to June 2023 when the company mined 460 BTC. The average daily production of Bitcoin in June 2024 was 8.5, representing a 23% increase from the previous month but a 45% decrease from the same period last year.
- Total of 255 BTC produced in June 2024.
- 45% decrease compared to June 2023.
- Average daily production of 8.5 BTC during June 2024.
By the end of June 2024, Riot held 9,334 Bitcoin, up from 9,084 in May 2024 and 7,250 in June 2023. It’s noteworthy that the company did not sell any Bitcoin in June 2024, in contrast to the 400 BTC sold in June 2023, which generated $10.6 million in net proceeds.
Hash Rate and Power Strategy ⚡
Riot’s total deployed hash rate reached 22.0 EH/s by the end of June 2024, a substantial increase from 14.7 EH/s in May 2024 and 10.7 EH/s in June 2023. The company achieved this by adding capacity at its Rockdale and Corsicana facilities. The average operating hash rate for June 2024 was 11.4 EH/s, marking a 30% increase from May 2024 and a 90% increase from June 2023.
- Total deployed hash rate of 22.0 EH/s by June 2024.
- Average operating hash rate of 11.4 EH/s in June 2024.
- Increased capacity at Rockdale and Corsicana facilities.
Riot’s CEO, Jason Les, highlighted the company’s power strategy, emphasizing flexibility as a power consumer. In June 2024, Riot earned $6.2 million in power credits, reducing its net cost of power to an estimated 2.4 cents per kilowatt-hour (c/kWh) at the Rockdale facility and 3.9 c/kWh at the Corsicana facility. The combined cost of power across both facilities was 2.6 c/kWh, ranking among the lowest in the industry.
Infrastructure and Expansion 🏗️
Riot is making progress with Phase 1 of its Corsicana facility, which is projected to have a total mining capacity of 400 megawatts (MW) upon completion. The full development of the facility is expected to reach 1 gigawatt (1,000 MW). In June, Riot completed the first 100 MW building at Corsicana and nearly finished the second building. Development of the third building is on track, with the structure fully erected and concrete pouring in progress.
- Phase 1 of Corsicana facility underway.
- Total mining capacity of 400 MW upon completion.
- Development for 1,000 MW expected in future.
Future Prospects 🔮
Riot aims to achieve a total self-mining hash rate capacity of 31 EH/s by the end of 2024. The company has secured multiple purchase agreements with MicroBT for immersion miners and air-cooled miners for its Corsicana and Rockdale facilities. Deployment of these miners is slated for the second half of 2025, potentially boosting Riot’s total self-mining hash rate capacity to 41 EH/s.
- Targeting 31 EH/s self-mining hash rate by end of 2024.
- Purchase agreements with MicroBT for future expansion.
- Potential increase to 41 EH/s in hash rate capacity.
Conference and Recruitment 🤝
Riot will be participating in the Bitcoin Nashville 2024 conference, taking place in Nashville, TN, from July 25th to 27th. The company is actively recruiting for various positions to support its growth and expansion. Open roles can be found on Riot’s official website.
Hot Take: Stay Updated and Engage in the Crypto Space 🚨
As a crypto enthusiast, it’s crucial to stay informed about industry updates and company performances like Riot Platforms, Inc. Understanding trends and developments can help you make informed decisions and actively engage in the dynamic world of cryptocurrency. Remember to explore opportunities, stay connected, and continue to learn and grow in this ever-evolving space. 🌟
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