2024

Bitcoin

<a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Platforms, Inc. (NASDAQ: RIOT) has announced significant progress in its Bitcoin mining operations, achieving a deployed hash rate of 22.0 EH/s in June 2024. This marks a substantial increase, exceeding the company's Q2 target of 21.4 EH/s. Riot produced 255 Bitcoins in June, a 19% increase from May, but a 45% decrease compared to June 2023, according to <a href="https://www.riotplatforms.com/riot-announces-june-2024-production-and-operations-updates/">Riotplatforms</a>. 
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Riot's strategic growth included the completion of the first 100 MW building at the Corsicana Facility and nearing completion of the second building. These expansions added 7.3 EH/s to the company's hash rate capacity. CEO Jason Les praised the team's efforts and highlighted the deployment of the latest generation <a href="https://ultramining.com/en/manufacturers/microbt/">MicroBT</a> miners, enhancing efficiency and productivity. 
The company’s power strategy also played a crucial role. Riot earned $6.2 million in power credits, reducing its net power cost to an estimated 2.6c/kWh across both the Rockdale and Corsicana facilities. This cost efficiency is among the lowest in the industry, providing Riot with a competitive edge. 
Additionally, Riot’s participation in ERCOT’s Four Coincident Peak Program demonstrated its flexible power consumption strategy, allowing for significant savings on future transmission costs. This flexibility helps balance the grid’s demand, benefiting both Riot and the broader community. 
Riot anticipates further growth, projecting a total <a href="https://ultramining.com/news/en/riot-battles-texas-heat-to-produce-410-btc-and-stabilize-energy-grid/">self-mining</a> hash rate capacity of 31 EH/s by the end of 2024. This expansion is supported by substantial orders of immersion and air-cooled miners from MicroBT, with deployment expected to be completed by 2025.&nbsp;

Riot Anticipates 31 EH/s Hash Rate by End of 2024 with New Miner Deployments

Ultramining_Eng

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