Riot stock gains 3% after mining update: holds 17,722 BTC

Riot Platforms, Inc. He shared the December 2024 production update.

The company issued 516 Bitcoins in December, up 4% from November. Riot Platforms completed the first phase of the Corsicana Facility, achieving a 4% monthly production increase, and held 17,700 Bitcoins by the end of the year.

According to the Riot statement, full hash rate activation is ongoing, with a careful rollout process to ensure the stability of the power grid. Riot increased the deployed hash rate by 155% in 2024, bringing the network hash rate increase to over 52%.

Riot Announces December 2024 Production and Operations Updates.

“Riot mined 516 bitcoins in December, up 4% from the previous month, as we continue to increase the operational hash rate,” he said @JasonLes_CEO of Riot. “We are happy to share that we have completed the installation…

— Riot Platforms, Inc. (@RiotPlatforms) January 6, 2025

This enabled the company to mine 4,828 Bitcoins for the year at a net energy cost of 3.4 cents per kilowatt-hour. As of December 31, Riot’s Bitcoin holdings reached 17,722; This reflects a 141% increase from 2023.

The company also reported a 39% increase in Bitcoin held per fully diluted share and emphasized its focus on increasing shareholder value.

Last week, analysts at HC Wainwright named Riot one of the “big three” Bitcoin miners and predicted it would outperform its rivals.