Riot Platforms, Inc. (NASDAQ: RIOT), a leader in the Bitcoin (BTC) mining industry, has released an unaudited production and operations update for June 2024. The company achieved a significant milestone by reaching a distributed hash rate of 22.0 exahashes per second (EH/s), surpassing its Q2 2024 target. According to Riot Platforms, the company produced 255 bitcoins in June 2024.
Bitcoin Production and Operations
Riot’s Bitcoin production in June 2024 increased significantly month-over-month, totaling 255 BTC, up from 215 BTC in May 2024. However, this is a 45% decrease from June 2023, when the company produced 460 BTC. The average daily Bitcoin production in June 2024 was 8.5, up 23% month-over-month but down 45% year-over-year.
The company held 9,334 BTC by the end of June 2024, up from 9,084 in May 2024 and 7,250 in June 2023. It is noteworthy that Riot did not sell any BTC in June 2024, generating a net profit of $10.6 million, in contrast to the 400 BTC it sold in June 2023.
Hash rate and power strategy
Riot’s total distributed hash rate reached 22.0 EH/s by the end of June 2024, a significant increase from 14.7 EH/s in May 2024 and 10.7 EH/s in June 2023. The company achieved this by activating additional capacity at its Rockdale and Corsicana facilities. The average operating hash rate in June 2024 was 11.4 EH/s, a 30% increase from May 2024 and a 90% increase from June 2023.
Riot CEO Jason Les highlighted the company’s power strategy, which includes becoming a flexible power consumer. Riot earned $6.2 million in power credits in June 2024, reducing its net power cost to 2.4 cents per kilowatt-hour (c/kWh) at its Rockdale facility and 3.9 cents/kWh at its Corsicana facility. The combined power cost for both facilities was 2.6 cents/kWh, the lowest in the industry.
Infrastructure and Expansion
Riot is progressing with Phase 1 of its Corsicana facility, which is expected to have a total mining capacity of 400 megawatts (MW) upon completion. The full development of the facility is expected to reach 1 gigawatt (1,000 MW). Riot completed the first 100 MW building in Corsicana in June, and the second building is nearly complete. Development of the third building is progressing on schedule, with the structure fully erected and the concrete slab being poured.
Future outlook
Riot expects to reach a total self-mining hashrate capacity of 31 EH/s by the end of 2024. The company has signed several purchase agreements with MicroBT, including orders for immersed and air-cooled miners for its Corsicana and Rockdale facilities. The deployment of these miners is expected to be completed by the second half of 2025, potentially increasing Riot’s total self-mining hashrate capacity to 41 EH/s.
Conferences and Recruitment
Riot will be attending the Bitcoin Nashville 2024 conference in Nashville, Tennessee, from July 25th to 27th. The company is also actively recruiting for various positions to support its growth and expansion. Open positions can be found on the official Riot website.
For more details, please check the official sources.
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