Riot Platforms reported a Bitcoin production of 516 BTC in December 2024, which is a 4% increase from November’s 495 BTC. However, this figure represents a 17% decline compared to December 2023, when 619 BTC were mined. Daily production also fell from 20 BTC in December 2023 to 16.5 BTC in December 2024.
The company is expanding its Corsicana facility in Texas, completing the first 400 MW development phase. CEO Jason Les emphasized a careful approach to fully activating the facility to maintain grid stability, which has delayed the complete deployment of hash rate capacity.
By the end of 2024, Riot’s Bitcoin holdings increased by 141%, reaching 17,722 BTC. This growth was driven by strategic purchases, including 5,117 BTC for $510 million on December 12 and another 667 BTC for $69 million later that month.
The average acquisition price was $101,135 per Bitcoin. Riot also plans to raise $500 million through convertible senior notes due in 2030 to support further Bitcoin purchases.
Following these updates, Riot’s shares rose nearly 5%, trading at $12.88. Earlier in 2024, the company acquired a 9.25% stake in Canadian mining firm Bitfarms to enhance economic resilience after the Bitcoin halving. Riot’s hash rate increased by 155% throughout the year, outpacing the overall network growth of 52%.
