Riot Platforms Reports January 2024 Bitcoin Production and Future Plans

January 2024 Bitcoin Production Overview

Riot Platforms, a major entity in Bitcoin mining, has disclosed its unaudited operational figures for January 2024, highlighting a notable decline in Bitcoin production. The company produced 520 Bitcoins, marking a 16% decrease from December 2023 and a 30% drop from the previous year. Despite reduced production, Riot's Bitcoin holdings increased by 4% month-over-month and 10% year-over-year, totaling 7,648 Bitcoins by the end of January.

Bitcoin Sales and Financial Performance

In January, Riot sold 212 Bitcoins, a significant reduction of 64% from December 2023 and 70% from the previous January, earning $9.5 million. This reflects a 62% and 31% decrease from December 2023 and January 2023, respectively. However, the average selling price per Bitcoin rose to $44,860, showcasing a 5% increase from the previous month and a substantial 129% increase from January 2023.

Operational Stability and Power Credits

Riot's deployed hash rate and miner count remained stable at 12.4 EH/s and 112,944, respectively. The company accrued $3.3 million in Power and Demand Response Credits due to power curtailment efforts during a severe cold spell in Texas, aiding in grid stabilization.

Future Expansion and Strategic Plans

Looking forward, Riot is developing the Corsicana Facility, anticipated to add 400 megawatts of capacity in its initial phase. The substation is set to be operational by March 2024, with mining activities to follow. Riot aims to achieve a self-mining hash rate capacity of 29 EH/s by the end of 2024, with projections to reach 38 EH/s by 2025.

Strategic Bitcoin Retention

In anticipation of the upcoming Bitcoin halving in April 2024, Riot plans to retain a larger portion of its Bitcoin production. This strategy aims to capitalize on its liquidity profile, positioning Riot as one of the largest holders in the Bitcoin mining sector.