Rongchai Wang
Feb 04, 2025 18:37
Riot Platforms announced a 2% increase in Bitcoin production for January 2025 compared to December 2024, with a total output of 527 BTC.
Riot Platforms, Inc. (NASDAQ: RIOT), a leading company in vertically integrated Bitcoin (BTC) mining, has reported a notable increase in its Bitcoin production for January 2025. According to riotplatforms.com, the company produced 527 BTC for the month, marking a 2% rise from December 2024.
Production and Operations Overview
Riot’s production efficiency was also highlighted by the average production of 17 BTC per day. The company’s Bitcoin holdings increased by 3% month-over-month, reaching 18,221 BTC by the end of January. Notably, the company did not sell any Bitcoin during this period, signaling a strategic hold on its mined assets.
Hash Rate and Facility Expansion
The company’s total deployed hash rate grew to 33.5 exahashes per second (EH/s), a 6% increase from December and a substantial 171% year-on-year growth. Riot completed the commissioning of its Corsicana Facility, achieving a deployed hash rate of 15.7 EH/s, bolstered by the deployment of new miners and advanced immersion systems.
Strategic Developments
Riot is evaluating the use of its 600 MW power capacity at the Corsicana Facility for artificial intelligence and high-performance computing (AI/HPC) applications, suspending its planned Bitcoin mining expansion. This strategic pivot aims to explore AI/HPC opportunities, potentially reshaping the company’s future operations.
Financial and Operational Metrics
The company’s power cost management reflected positively with an all-in power cost of 3.5 cents per kilowatt-hour, representing an 8% decrease from December. Riot’s operational hash rate also saw a significant improvement, with a total average operating hash rate of 29.3 EH/s, a 238% increase from January 2024.
Future Outlook
Riot has adjusted its year-end hash rate capacity forecast to 38.4 EH/s, down from the previously expected 46.7 EH/s, in line with its new strategic direction. The company continues to focus on optimizing its operations and exploring new avenues for growth.
For more information on Riot Platforms’ latest updates, visit their official site at riotplatforms.com.
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