Breaking News: Riot Platforms Reports Decline in Bitcoin Production in May 2024
Riot Platforms, Inc. (NASDAQ: RIOT), a major player in the Bitcoin (BTC) mining sector, recently disclosed a significant decrease in its Bitcoin production for May 2024. The company reported a production of only 215 BTC, marking a 43% drop from the previous month of April 2024 and a 68% decline compared to May 2023. This decline follows the Bitcoin halving event that occurred in April 2024, resulting in reduced block rewards.
Hash Rate Expansion
Despite the decrease in Bitcoin production, Riot has managed to enhance its hash rate significantly. The company’s total deployed hash rate reached 14.7 EH/s by the end of May, up from 12.6 EH/s in April. Notably, the Corsicana Facility, their new mining site, contributed 3.1 EH/s to the company’s overall hash rate, showcasing significant progress under CEO Jason Les’s leadership.
Operational Challenges and Solutions
Riot’s Rockdale Facility encountered operational hurdles, necessitating the replacement of problematic miner models with new MicroBT M60S miners. This transition led to a temporary 850 PH/s reduction in the facility’s hash rate for May. However, the company expects a swift deployment of these new miners in June to optimize mining output. Additionally, a temporary operational pause due to a lightning strike at the Corsicana Facility did not have a lasting impact on mining operations.
Power and Demand Response Credits
Riot’s innovative power strategy has proven fruitful, resulting in approximately $7.3 million in power and demand response credits in May. This strategic approach, especially advantageous during high-demand periods like summer, continues to be a key factor in reducing overall mining costs for the company.
Infrastructure Developments
Riot is actively progressing with the development of its second large-scale facility, the Corsicana Facility. Phase 1 of this expansion is slated to offer 400 MW of mining capacity, with the potential to scale up to 1 gigawatt upon completion. Throughout May, significant milestones were achieved, including the full deployment of immersion tanks in Building A1 and the commencement of miner energization. Construction of Building A2 has been finalized, with miner deployment already in progress, while work on Building B1 remains on track with concrete slab pouring underway.
Future Hash Rate Projections
Riot has ambitious goals for its self-mining hash rate capacity, aiming to reach 31 EH/s by the end of 2024. The company has secured multiple purchase agreements with MicroBT, with an initial order of 33,280 immersion miners for the Corsicana Facility and additional orders totaling 131,340 miners. These miners are projected to increase Riot’s mining capacity by 28 EH/s, with full deployment expected by the latter half of 2025. Upon completion, Riot envisions a total self-mining hash rate capacity of 41 EH/s.
Leadership and Recruitment
In a notable update, Stephen Howell, CEO of ESS Metron, has been appointed as Riot’s Chief Operating Officer, reinforcing the company’s leadership team. Howell will continue to oversee ESS Metron, Riot’s subsidiary specializing in electrical engineering and manufacturing. Additionally, Riot is actively recruiting for various positions to support its ongoing expansion and operational endeavors.
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Hot Take: Stay Informed and Engaged With Riot Platforms’ Bitcoin Production & Mining Expansion Updates!🔥
As a crypto enthusiast, keeping abreast of Riot Platforms’ latest developments in Bitcoin production, hash rate expansion, operational challenges, and infrastructure advancements can provide valuable insights into the dynamic and ever-evolving world of cryptocurrency mining. By staying informed and engaged with Riot’s progress, you can gain a deeper understanding of the intricacies of the mining sector and the innovative strategies employed by industry leaders to navigate challenges and drive growth. Stay tuned for more updates on Riot Platforms’ journey in the realm of Bitcoin mining!🚀
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