2024

Bitcoin

Block

when

Riot Platforms Inc. (NASDAQ: RIOT), a leader in the Bitcoin mining industry, has reported significant achievements in its July 2024 production and operations update. The company produced 370 Bitcoin in July, marking a remarkable 45% increase from June's production of 255 Bitcoin. This substantial growth underscores Riot's strategic efforts to optimize operations and expand its footprint in the Bitcoin mining sector, according to <a href="https://ultramining.com/" rel="noopener noreferrer nofollow">Ultramining</a>.
July 2024 Production Highlights
Riot's Bitcoin production saw a month-over-month increase of 45%, though it experienced a 10% decline compared to July 2023, when the <a href="https://ultramining.com/news/en/terawulf-soars-to-record-revenue-with-330-btc-mined-in-july-2023/" rel="noopener noreferrer nofollow">company mined</a> 410 Bitcoin. The average daily production in July reached 11.9 Bitcoin, up from 8.5 in June, showcasing the company's operational efficiency and commitment to scaling its operations.
The company's total deployed hash rate reached an impressive 23.3 exahashes per second (EH/s) by the end of July, up 6% from June and an astounding 118% increase year-over-year. This growth is largely attributed to the deployment of cutting-edge mining technology and the expansion of facilities, particularly in Corsicana and the newly acquired Kentucky operations.
Strategic Expansion into Kentucky
Riot made headlines with the acquisition of Block Mining, a private Bitcoin mining operation in Kentucky. This strategic move immediately added 1 EH/s to Riot's self-mining capacity and positioned the company for further growth in new energy markets. The acquisition includes 60 megawatts (MW) of existing operational capacity, with the potential to expand to over 300 MW in Kentucky alone.
CEO Jason Les commented, "July was a major step forward for Riot, as we increased our Bitcoin production 45% over June and completed a new acquisition, expanding our operations into a new market." Les emphasized the strong performance of immersion systems and MicroBT miners at the Corsicana Facility, expecting further improvements as cooling systems become fully operational.
Infrastructure and Power Strategy
Riot's power strategy focuses on being a flexible consumer of power, utilizing it when low-cost and abundant, and reducing usage during peak demand periods. In July, Riot participated in ERCOT's Four Coincident Peak Program, curtailing operations during peak demand periods to achieve substantial future cost savings.
The company's infrastructure development includes the Corsicana Facility, expected to total 1 gigawatt (1,000 MW) in mining capacity upon completion. Buildings A1 and A2 are fully energized, with Building B1 deployment ongoing and Building B2 under construction. The Corsicana Facility will add 16 EH/s to Riot's self-mining capacity by the end of 2024.
Riot's total power credits for July amounted to $3.4 million, a decrease of 35% compared to June, reflecting changes in demand response credits and power curtailment strategies. The all-in power cost averaged 3.4 cents per kilowatt-hour (kWh), representing a 33% increase from June but still aligning with Riot's goal of cost-effective operations.
Future Outlook and Hash Rate Growth
Looking ahead, Riot anticipates reaching a total self-mining hash rate capacity of 36 EH/s by the end of 2024, with plans to achieve 56 EH/s by 2025. This growth trajectory highlights Riot's commitment to maintaining its leadership position in the Bitcoin mining industry and capitalizing on new market opportunities.

Riot Platforms: 45% Increase in Bitcoin Production and Expansion

Ultramining_Eng

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