The post Riot Platforms Mines 516 Bitcoin in December, 4% Monthly Growth appeared on BitcoinEthereumNews.com.

Riot Platforms mines 516 Bitcoin in December, grows hash rate by 155%, and strengthens market position with Bitcoin acquisition. Riot Platforms reported a solid performance in December, with the company mining 516 Bitcoin. This production represents a 4% increase from the previous month. Jason Les, CEO, talked about the company’s plan to increase its operational hash rate which has been a driving force of its consistent growth. Riot said that boosting mining output is part of a bigger plan to bolster its capabilities. Riot hit a major milestone in the final system installation at its Corsicana Facility. This was the end of the first 400 MW of development phase. By the year’s end, all the systems were installed, but Riot spent time carefully commissioning the system to qualitatively ensure the quality of the power supply. This is designed to stabilize the electrical grid but it delayed bringing the unfiltered mining capacity online. However, Riot is working through these challenges while maintaining its systems as fully operational. Riot Boosts Market Strength with Bitcoin Acquisition and Mining Expansion Riot also purchased cryptocurrency in December, in addition to its mining operations. The company bought 667 Bitcoin for just under $67.5 million, each pegged at around $101,135. Through this acquisition, Riot is exceptionally positioned to take advantage of both its mining operations and acquisitions as part of its market strength. In 2024, Riot nailed it in terms of overall growth. In addition, the company grew its deployed hash rate by 155%, versus the 52% growth in network hash rate. This allowed Riot to mine 4,828 Bitcoin this year. An all-in net power cost of just 3.4 cents per kilowatt hour allowed the cost of mining to be kept low. By the end of 2024, Riot’s Bitcoin holdings had grown to 17,722 Bitcoin. It was…

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Filed under: News - @ January 8, 2025 4:22 pm