Key Points
- Riot Platforms Inc. increased its Bitcoin holdings by 141% in 2024 to 17,722 BTC.
- The company mined 4,828 Bitcoins in 2024 and expects to increase its mining hash rate in 2025.
Riot Platforms Inc., a US-based Bitcoin mining company, has announced an unaudited production and operations update for December 2024.
The company disclosed that it produced 516 Bitcoins in December 2024, which represents a 17% decline from the 619 coins mined in the same month in 2023.
Increased Bitcoin Production
Despite the year-over-year decline, Riot Platforms’ Bitcoin production in December saw a 4% increase month-over-month. This led to the company’s Bitcoin holdings increasing to 17,722 coins, a 142% surge year-over-year and a 55% increase month-over-month.
Riot Platforms attributes this growth to its impressive performance throughout the year. Additionally, the company increased its hash rate by 31.5 EH/s in December, a 155% increase year-over-year. Hash rate increases were seen in Rockdale, Corsicana, and Kentucky.
Jason Les, CEO of Riot Platforms, shared the company’s progress, “We have finished installation of the final systems at the Corsicana Facility, completing the first 400 MW development phase. While all systems have been completed with miners installed, we are undertaking a measured commissioning process to ensure power quality as part of our commitment to being good stewards of the electrical grid, which has delayed some hash rate from coming online.”
In 2024, Riot Platforms mined a total of 4,828 Bitcoins. The company forecasts a 34.5 EH/s increase in its mining hash rate in the first quarter of 2025, assuming a full buildout of the Corsicana and Kentucky capacity and the addition of more MicroBT products.
Market Reaction and Future Projections
Following the company’s strong performance in December 2024 and positive projections for the coming quarters, Riot Platforms’ stock market value increased over 5% to trade at around $12.98 during the early New York session on Monday, January 6.
The company, valued at $4.24 billion, has seen its stock market gain over 58% in the last three months, driven by the ongoing Bitcoin price rally. RIOT shares received an average of Buy rating from 17 different Wall Street analysts.
Riot Platforms has become a significant Bitcoin holder, largely due to its secondary purchases through convertible bond issuances. In December 2024, the company used $525 million to purchase 5,117 BTCs at an average price of $99,669.
The ongoing purchases of Bitcoin by institutional investors have contributed to the ongoing bull rally, pushing the price of Bitcoin beyond $100k. The supply of Bitcoin on centralized exchanges has continued to decrease as investors anticipate pro-crypto regulations from President Trump’s administration.
