Peter Zhang
06 Sep 2024 14:42
Riot Platforms announced that it will produce 322 Bitcoin (BTC) in August 2024 and has surpassed 10,000 BTC in holdings, detailing important operational updates.
Riot Platforms, Inc. (NASDAQ: RIOT), a prominent player in the Bitcoin (BTC) mining industry, has released an unaudited production and operations update for August 2024. According to Riot Platforms, the company produced 322 Bitcoins in August and now holds over 10,000 Bitcoins, marking a significant milestone in its operational growth.
Bitcoin Production and Operations
Riot Platforms’ Bitcoin production in August 2024 will be 322 BTC, down from 370 BTC produced in July 2024 and slightly down from 333 BTC produced in August 2023. The average daily Bitcoin production was 10.4 BTC, compared to 11.9 BTC in July 2024 and 10.8 BTC in August 2023. This represents a 13% decrease month-over-month and a 3% decrease year-over-year.
The company’s Bitcoin holdings increased from 9,704 BTC in July 2024 and 7,309 BTC in August 2023 to 10,019 BTC by the end of August. This represents a 3% increase month-on-month and a 37% increase year-on-year. It is noteworthy that Riot Platforms did not sell any Bitcoin that month, maintaining its strategy of holding mined cryptocurrencies.
Operational Insights
Riot Platforms CEO Jason Les highlighted the company’s power strategy of optimizing energy costs and contributing to the grid during peak demand periods. The company generated $5.7 million worth of power credits in August, significantly higher than the $3.2 million in July 2024 but lower than the $23.3 million in August 2023.
Les noted that high temperatures and unscheduled maintenance at the Rockdale facility impacted uptime. However, the facility has since returned to full operation. The cooling systems in buildings A1 and A2 at the Corsicana facility were completed in late August, mitigating the impact of high temperatures on future operations.
Infrastructure Development
Riot Platforms is making significant progress in the development of its Corsicana facility. The third 100MW building, Building B1, is expected to be fully operational by the end of September. The final 100MW building, Building B2, is also under development, with miner deployment expected to begin in September.
Riot Platforms is also increasing its hash rate at its newly acquired facility in Kentucky. The company aims to reach a hash rate of 28 EH/s by the end of Q3 and 36 EH/s by the end of the year.
Future outlook
Riot Platforms remains committed to its strategic goals, including optimizing energy consumption and expanding mining capacity. The company continues to participate in ERCOT’s Four Coincident Peak Program, reducing power usage during peak demand periods and achieving significant future cost savings.
For more information, see the original announcement on Riot Platforms.
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