Riot Platforms (RIOT) Reports June 2024 Bitcoin Production and Hash Rate Achievements

Riot Platforms, Inc. (NASDAQ: RIOT), a leading player in the Bitcoin (BTC) mining industry, has announced its unaudited production and operations updates for June 2024. The company achieved a significant milestone by reaching a deployed hash rate of 22.0 exahashes per second (EH/s), surpassing its Q2 2024 target. According to Riot Platforms, the company produced 255 Bitcoin in June 2024.

Bitcoin Production and Operations

Riot's June 2024 Bitcoin production saw a notable increase compared to the previous month, with a total of 255 BTC produced, up from 215 BTC in May 2024. However, this represents a 45% decrease compared to June 2023, when the company produced 460 BTC. The average Bitcoin produced per day in June 2024 was 8.5, marking a 23% increase month-over-month but a 45% decrease year-over-year.

The company held 9,334 Bitcoin by the end of June 2024, up from 9,084 in May 2024 and 7,250 in June 2023. Notably, Riot did not sell any Bitcoin during June 2024, which contrasts with the 400 BTC sold in June 2023, generating $10.6 million in net proceeds.

Hash Rate and Power Strategy

Riot's total deployed 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 energizing additional capacity at its Rockdale and Corsicana facilities. The average operating hash rate for June 2024 was 11.4 EH/s, up 30% from May 2024 and 90% from June 2023.

Riot's CEO, Jason Les, highlighted the company's power strategy, which involves being a flexible consumer of power. Riot earned $6.2 million in power credits in June 2024, reducing its net cost of power to an estimated 2.4 cents per kilowatt-hour (c/kWh) at the Rockdale facility and 3.9 c/kWh at the Corsicana facility. The combined cost of power across both facilities was 2.6 c/kWh, among 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 facility's full development is anticipated to reach 1 gigawatt (1,000 MW). In June, Riot completed the first 100 MW building at Corsicana and nearly completed the second building. Development for the third building is on schedule, with the structure fully erected and concrete slab pouring in progress.

Future Prospects

Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024. The company has entered into several purchase agreements with MicroBT, including orders for immersion miners and air-cooled miners for its Corsicana and Rockdale facilities. Deployment of these miners is expected to be completed by the second half of 2025, potentially increasing Riot's total self-mining hash rate capacity to 41 EH/s.

Conference and Recruitment

Riot will participate in the Bitcoin Nashville 2024 conference, scheduled to be held in Nashville, TN, from July 25th to 27th. The company is also actively recruiting for various positions to support its growth and expansion. Open positions are available on Riot's official website.

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