Riot stock gains 3% after mining update: holds 17,722 BTC

Riot Platforms, Inc. shared its December 2024 production update.

The company mined 516 Bitcoin in December, a 4% increase from November. Riot Platforms achieved a 4% monthly production increase and completed the first phase of its Corsicana Facility while holding over 17,700 Bitcoin by year-end.

The full hash rate activation remains ongoing, with a careful commissioning process to ensure power grid stability, according to a Riot release. In 2024, Riot expanded its deployed hash rate by 155%, surpassing the network hash rate growth of 52%. 

This enabled the company to mine 4,828 Bitcoin throughout the year at an all-in net power cost of 3.4 cents per kilowatt-hour. By December 31, Riot’s Bitcoin holdings reached 17,722, reflecting a 141% increase from 2023.

The company also reported a 39% boost in Bitcoin held per fully diluted share, emphasizing its focus on enhancing shareholder value.

Last week, analysts at H.C. Wainwright named Riot as one of their “big three” Bitcoin miners, predicting it will outperform competitors.