Riot Platforms revealed it mined 516 Bitcoin in December, a 4% rise from November’s 495 BTC. This growth reflects ongoing efforts to scale its mining operations, particularly at its Corsicana facility in Texas. The first 400 MW of the facility is now operational, representing a significant step in the company’s expansion.
However, Bitcoin production fell 17% compared to December 2023, when Riot mined 619 BTC. The average daily production also dropped from 20 BTC in 2023 to 16.5 BTC in 2024.
Riot’s Expanding Bitcoin Holdings
By the end of 2024, Riot Platforms owned 17,722 BTC—a 141% increase from December 2023. This growth stems from strategic Bitcoin acquisitions throughout December, including:
- December 12: Purchase of 5,117 BTC for $510 million.
- Later in December: Acquisition of 667 BTC for $69 million at an average price of $101,135 per BTC.
Riot’s focus on accumulating Bitcoin has
Strategic Moves and Industry Trends
Riot plans to raise $500 million through a private offering of convertible senior notes due in 2030 to further boost its Bitcoin holdings. The company also secured a 9.25% stake in Canadian mining firm Bitfarms earlier in 2024, ensuring resilience ahead of the Bitcoin halving.
The firm’s hash rate—a key measure of mining efficiency—has surged 155% in 2024. By comparison, the network’s overall hash rate increased by 52%. This highlights Riot’s competitive edge in the Bitcoin mining space.
Competition in Bitcoin Accumulation
Riot’s aggressive Bitcoin strategy aligns with moves by other major players like Marathon Digital and MicroStrategy, both of which are also increasing their BTC reserves. Riot’s shares rose nearly 5% following these updates, trading at $12.88.
