Bitcoin

Strong

Riot Platforms, Inc. (NASDAQ: RIOT), a leader in the Bitcoin mining and data center hosting sector, has shared its unaudited production and operations updates for December 2023. The Company has reported a significant increase in Bitcoin production, mining 619 BTC in December, which brings the total for the year to 6,626 BTC, according to <a href="https://www.riotplatforms.com/riot-announces-december-2023-production-and-operations-updates/" rel="noopener noreferrer nofollow">Riotplatforms</a>.
In addition to the increased Bitcoin production, Riot has significantly expanded its unique power strategy throughout the year. As of December 2023, Riot holds a total of 7,362 Bitcoin, which remained relatively stable from November, and sold 590 BTC in the same month. The net proceeds from Bitcoin sales in December amounted to $25.3 million, contributing to the annual net proceeds of $176.2 million. The average net price per Bitcoin sold in December was $42,872, reflecting a substantial increase over the year.
Riot's operational capacity has also seen growth, with the deployed hash rate standing at 12.4 EH/s by the end of December, marking a 27% increase year-over-year. The number of deployed miners reached 112,944, which is a 28% increase from the previous year. This expansion reflects Riot's ongoing investment in its mining capabilities and infrastructure.
The Company benefited significantly from its unique power strategy, generating $71.6 million in power credits, which is equivalent to 2,480 Bitcoin based on the average price for Bitcoin during 2023. This strategic approach to power management has helped Riot maximize its mining profitability and efficiency.
Riot's CEO, Jason Les, expressed pride in the Company's strong performance in 2023 and emphasized its position to execute on plans to increase self-mining hash rate to 28 EH/s by the end of 2024. The development of the Corsicana Facility, which will add 400 megawatts of capacity in its first phase, is a testament to Riot's commitment to growth and operational excellence. Building A1 of the Corsicana Facility is expected to be energized by the end of Q1 2024, with further development to continue throughout the year.
Riot's financial standing remains solid, ending the year with approximately $590 million in cash and 7,362 unencumbered Bitcoin, totaling around $901 million in liquidity based on the year-end market price of Bitcoin. With approximately 230.8 million shares outstanding, Riot maintains a strong balance sheet.

Riot Platforms Announces Strong Bitcoin Production for December 2023

Ultramining_Eng

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