- August Production Decline
- Energy Cost Optimization
- Production Expansion and Ongoing Disputes with Bitfarms
Bitcoin mining company Riot Platforms announced it has crossed 10,000 Bitcoin holdings, a 37% increase over the previous year. However, Bitcoin production dropped in August 2024.
August Production Decline
Riot Platforms produced 322 Bitcoin in August compared to 370 in July. This is also a decline of about 3% over August 2023 when 333 Bitcoin were produced. The company did not sell any Bitcoin in August this year, compared to 300 Bitcoin sales in August 2023 that netted $8.6 million.
Energy Cost Optimization
The company optimized its energy costs while making more power available to the grid during peak demand periods. Consequently, Riot generated power credits in August, leading to an all-in power cost of $20 per megawatt-hour (MWh) at its Rockdale facility in Texas. The Corsicana facility, which purchases energy at the real-time spot price, had an all-in power cost of $39/MWh for the month.
Production Expansion and Ongoing Disputes with Bitfarms
Riot has also begun increasing its hashrate at newly acquired Kentucky facilities, aiming to achieve a Q3 target of 28 EH/s and a year-end growth target of 36 EH/s. The company continues developing its 400 MW Corsicana Facility, which is expected to reach 1,000 MW upon full development.
Riot Platforms continues to grow its cryptocurrency assets and optimize production amid rising energy costs. The company is expanding its capacities and striving for higher hashrates.
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