Riot Platforms Expands Bitcoin (BTC) Production in October 2024
Riot Platforms, Inc. (NASDAQ: RIOT), a prominent player in the Bitcoin mining industry, has released its unaudited production and operations update for October 2024. The company reported the production of 505 Bitcoins for the month, marking a 23% increase from September and a 10% rise year-over-year, according to riotplatforms.com.
Operational Performance and Expansion
Riot's deployed hash rate reached 29.4 exahashes per second (EH/s), a 5% increase from the previous month and a staggering 152% rise compared to October 2023. This growth was largely driven by the deployment of new-generation MicroBT miners at the Corsicana facility. Notably, the average Bitcoin produced per day in October was 16.8, up from 13.7 in September and 14.8 in October of the previous year.
Corsicana Facility Developments
The company is advancing its Corsicana facility, nearing the completion of Phase 1, which comprises 400 megawatts (MW) of power. Once fully developed, the facility is expected to boast a capacity of 1 gigawatt (1,000 MW). Riot has also commenced development of Phase 2, which includes an additional 600 MW, with initial operations anticipated in the second half of 2025.
Financial Metrics and Market Position
In terms of financial performance, Riot held 10,928 Bitcoins by the end of October, a 5% increase from September and a 49% increase from the previous year. The company did not sell any Bitcoin in October, contrasting with the 440 Bitcoins sold in October 2023, which generated $12.5 million in net proceeds at an average net price of $28,408 per Bitcoin.
Future Projections and Industry Participation
Riot continues to participate actively in industry events and conferences, such as the Cantor Fitzgerald Crypto, Digital Assets & AI Conference, the Roth Capital 13th Annual Technology Conference, and the North American Blockchain Summit. These events provide platforms for Riot to engage with stakeholders and discuss future growth strategies.
Riot Platforms remains committed to its vision of being a leading Bitcoin-driven infrastructure platform, with operations spanning central Texas, Kentucky, and Denver, Colorado. The company is currently recruiting to expand its workforce, focusing on building and securing the Bitcoin network.