Riot Platforms Reports February 2024 Bitcoin Production Decline

February 2024 Production Decline

Riot Platforms, a major Bitcoin mining company, reported a significant drop in Bitcoin production for February 2024. The company produced 418 Bitcoin, marking a 20% decrease from January 2024 and a 38% decline from February 2023. The average daily Bitcoin production also saw a decrease, falling by 14% month-over-month and 40% year-over-year. Despite this, Riot's holdings increased by 5% from the previous month, totaling 8,067 Bitcoin by the end of February.

Strategic Expansion Plans

In response to production challenges, Riot Platforms has announced a new purchase order for 31,500 miners to be installed at their Rockdale Facility. This strategic move aims to enhance mining efficiency and uptime, increasing the facility's hash rate capacity to 15.1 EH/s. Of these miners, 17,000 will replace underperforming units, with installations starting in the second quarter and concluding by the third quarter of 2024.

Corsicana Facility Development

Riot is also making progress on its Corsicana Facility, with the first phase expected to provide 400 megawatts of mining capacity. The initial building is completed, and the 400 MW substation is anticipated to be operational by the end of March 2024, with mining operations to commence shortly after.

Projected Growth and Industry Engagement

Looking ahead, Riot Platforms projects its hash rate capacity to reach 31 EH/s by the end of 2024, with a total capacity of 41 EH/s by 2025. The company remains active in industry conferences and continues recruiting for various positions, reflecting its commitment to growth and community impact. Riot's strategy centers on vertically integrated Bitcoin mining and digital infrastructure development, with operations based in Texas and Colorado.