Riot Platforms, Inc. (NASDAQ: RIOT), a leader in vertically integrated Bitcoin mining, released its unaudited production and operations updates for August 2024. The company produced 322 Bitcoin during the month and now holds over 10,000 Bitcoin in its reserves.
Key Highlights
Bitcoin Production Metrics
| Metric | August 2024 | July 2024 | August 2023 | MoM Change | YoY Change |
|-------------------------|-------------|-----------|-------------|------------|------------|
| Bitcoin Produced | 322 | 370 | 333 | -13% | -3% |
| Avg. Daily Production | 10.4 | 11.9 | 10.8 | -13% | -3% |
| Bitcoin Held | 10,019 | 9,704 | 7,309 | +3% | +37% |
| Deployed Hash Rate | 23.5 EH/s | 23.2 EH/s | 10.3 EH/s | +1% | +128% |
Power Strategy & Cost Efficiency
- Total Power Credits: $6.4 million (vs. $3.4 million in July 2024).
- All-in Power Cost: 2.6c/kWh, a 14% reduction from July.
- Riot’s demand response programs with ERCOT and MISO optimized energy costs while supporting grid stability during peak demand.
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Infrastructure Development
- Corsicana Facility: Building B1 (100 MW) is nearing completion, with full deployment expected by September 2024.
- Kentucky Facilities: Hash rate increased to 1.2 EH/s, with further expansion planned.
- Q3 2024 Target: Achieve 28 EH/s hash rate; year-end goal of 36 EH/s.
CEO Commentary
Jason Les, CEO of Riot, emphasized:
"August’s high temperatures in Texas tested our operational resilience. Despite minor downtime for maintenance, our power strategy ensured cost efficiency, with Rockdale’s all-in power cost at $20/MWh and Corsicana at $39/MWh. We remain on track for our growth targets."
FAQs
Q: Why did Bitcoin production decrease in August 2024?
A: Extreme heat in Texas led to curtailment periods and unscheduled maintenance, reducing uptime.
Q: How does Riot’s power strategy benefit the grid?
A: By curtailing operations during peak demand, Riot lowers energy costs and stabilizes the ERCOT grid.
Q: What are Riot’s expansion plans?
A: The company aims to reach 36 EH/s by year-end via Corsicana’s Phase 1 completion and Kentucky facility upgrades.
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Forward-Looking Statements
Riot’s projections (e.g., hash rate targets) are subject to risks like weather disruptions, miner deployment delays, and market volatility. For details, refer to SEC filings.
Investor Contact: [email protected] | Media Contact: [email protected]
### Keywords:
Bitcoin mining, Riot Platforms, hash rate, power credits, Corsicana Facility, ERCOT, demand response, crypto infrastructure