Rebeca Moen
Aug 05, 2024 12:54
Riot Platforms announces a 45% increase in Bitcoin production and its expansion into Kentucky, enhancing its mining capacity.
Riot Platforms, Inc. (NASDAQ: RIOT), a leader in vertically integrated Bitcoin (BTC) mining, has reported significant updates on its production and operations for July 2024, according to riotplatforms.com. The company announced the production of 370 BTC in July, marking a 45% increase from the previous month of June.
Bitcoin Production and Operations
Riot’s production of 370 BTC in July represents a substantial increase from the 255 BTC produced in June 2024. However, it is a 10% decrease compared to July 2023, when 410 BTC were produced. The average Bitcoin produced per day in July was 11.9, up from 8.5 in June but down from 13.2 in July 2023. As of the end of July, Riot held 9,704 BTC, a 4% increase from June and a 33% increase year-over-year.
Expansion into Kentucky
Riot Platforms also announced its acquisition of Block Mining, a vertically integrated private miner operating in Kentucky. This acquisition immediately added 1 exahash per second (EH/s) of self-mining capacity. The company plans to expand its hash rate capacity in Kentucky to 5 EH/s by the end of the year, leveraging the already available capacity at the newly acquired facilities.
Infrastructure Developments
Riot is currently developing Phase 1 of its Corsicana Facility, which is expected to reach 400 megawatts (MW) of mining capacity upon completion. Once fully developed, the Corsicana Facility is anticipated to total 1 gigawatt (GW) in mining capacity. The facility is set to add 16 EH/s to Riot’s self-mining capacity by the end of 2024.
The acquisition of Block Mining has prompted Riot to revise its 2024 deployed hash rate guidance from 31 EH/s to 36 EH/s. The company now expects 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 flexible, consuming power when it is low-cost and abundant. During periods of high demand, the company can either power down to reduce costs or bid competitively to provide grid operators with control over its power usage. This strategy allows Riot to contribute to grid stability and achieve substantial savings on future costs.
In July, Riot continued its participation in ERCOT’s Four Coincident Peak Program (4CP), curtailing operations during peak periods of demand. This participation is expected to result in significant savings and aligns with Riot’s partnership-driven approach with the grid and other power consumers in ERCOT.
Hash Rate Growth Projections
Riot anticipates achieving a total self-mining hash rate capacity of 36 EH/s by the end of 2024. This growth is supported by the completion of various infrastructure projects, including the Corsicana Facility and the integration of Block Mining’s operations in Kentucky.
Human Resources Update
Riot is actively recruiting for various positions across the company. Interested individuals can explore open positions at Riot Platforms Careers.
About Riot Platforms, Inc.
Riot Platforms, Inc. aims to be a leading Bitcoin-driven infrastructure platform. The company’s mission is to positively impact the sectors, networks, and communities it engages with through innovative strategies and strong community partnerships. Riot operates Bitcoin mining facilities in central Texas and Kentucky and has electrical switchgear engineering and fabrication operations in Denver, Colorado.
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