2024

Credits

Bitcoin

April

Riot Platforms, Inc. announced its Bitcoin production and operations updates for May 2024, revealing a production of 215 bitcoins. This represents a 43% decrease from April and a 68% year-over-year decline, attributed to the reduced block rewards following the April 2024 halving. Despite the drop in production, Riot increased its deployed <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> to 14.7 EH/s, a 17% month-over-month increase, according to <a href="https://www.riotplatforms.com/riot-announces-may-2024-production-and-operations-updates/" rel="noopener noreferrer nofollow">Riotplatforms</a>.
The company's Corsicana, Texas facility played a crucial role in this growth. The fully developed Building A1 added 3.1 EH/s to Riot's self-mining capacity. This facility's performance, particularly the immersion systems and MicroBT miners, showed strong results despite varying conditions. Riot plans to begin miner deployment in Building A2 in June, which will further boost capacity.
In May, Riot's Rockdale facility faced challenges, including deinstalling problematic miner models and deploying new MicroBT M60S miners. Additionally, operations were briefly paused at the Corsicana facility due to a lightning strike. However, after ensuring system safety, mining resumed.
Riot's unique power strategy generated significant results, with $7.3 million in Power and Demand Response Credits in May, highlighting a competitive advantage in reducing mining costs.
Looking ahead, Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024. The company’s long-term agreement with MicroBT is set to add 28 EH/s to its capacity by 2025, with deployments already underway.

Riot Reports Decrease in Bitcoin Production but Increases Hash Rate Capacity

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