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Riot Platforms Increased Bitcoin Holdings by 141% in 2024 to 17,722 BTC
01/07/2025 00:34
Riot Platforms mines 516 BTC in December 2024, and completes Corsicana Facility's first phase amid strategic growth and institutional Bitcoin purchases.
Key Notes
- Riot Platforms experts its hash rate to grow exponentially in 2025 fueled by capacity increase and expected new mining rigs.
- The company demonstrates robust institutional involvement with $525M Bitcoin purchase in December, acquiring 5,117 BTC at an average price of $99,669.
- Market confidence reflected in 58% stock surge over three months, with unanimous "Buy" rating from Wall Street analysts and projected hash rate increase to 34.5 EH/s in Q1 2025.
Riot Platforms Inc. (NASDAQ: RIOT), a Bitcoin BTC $101 376 24h volatility: 3.6% Market cap: $2.01 T Vol. 24h: $49.07 B mining company based in the United States, has released an unaudited production and operations update for December 2024. According to the announcement, Riot Platforms produced 516 Bitcoins in December 2024, a 17 percent decline compared to 619 coins in the same month in 2023.
However, the company’s Bitcoin production in December increased by 4 percent month-over-month. As a result, Riot Platforms increased its Bitcoin trove to 17,722 coins, representing a 142 percent surge YoY and a 55 percent increase MoM.
The company attributed its ongoing increase in capacity to its impressive performance over the year. Furthermore, the company increased its hash rate by 31.5 EH/s in December, up 155 percent YoY. Notably, Riot Platforms increased its hash rate by 15 EH/s in Rockdale, by 14.1 EH/s in Corsicana, and by around 2.4 EH/s in Kentucky.
“We are pleased to share that we have finished installation of the final systems at the Corsicana Facility, completing the first 400 MW development phase. While all systems have been completed with miners installed, we are undertaking a measured commissioning process to ensure power quality as part of our commitment to being good stewards of the electrical grid, which has delayed some hash rate from coming online,” Jason Les, CEO of Riot Platforms, noted.
For the entire year, Riot Platforms mined a total of 4,828 Bitcoins. During the first quarter of 2025, the company expects to increase its mining hash rate by 34.5 EH/s, assuming a full buildout of the Corsicana and Kentucky capacity in addition to the addition of more MicroBT products.
Market Impact of Riot Platforms Bitcoin Mining Performance
Following the impressive performance in December 2024 and the satisfying projections in the coming quarters, the company’s stock market rallied over 5 percent to trade at about $12.98 on Monday, January 6, during the early New York session.
The $4.24 billion valued company has seen its stock market gain over 58 percent in the last three months, fueled by the ongoing Bitcoin price rally. Interestingly, the RIOT shares received an average of Buy rating from 17 different Wall Street analysts.
As Coinspeaker previously explained, Riot Platforms has grown to a major Bitcoin holder largely due to its secondary purchases through convertible bond issuances. For instance, Riot Platforms used $525 million in December 2024 to purchase 5,117 BTCs at an average price of $99,669.
The continued Bitcoin purchases by institutional investors have helped fuel the ongoing bull rally beyond $100k. Furthermore, the supply of Bitcoin on centralized exchanges has continued to drop as investors bet on President Trump’s administration on pro-crypto regulations.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
