Riot Platforms Inc., a U.S.-based Bitcoin mining company (ticker symbol NASDAQ: RIOT), recently disclosed an unverified December 2024 production and operational report. As per the statement, Riot Platforms mined approximately 516 Bitcoins last month, which represents a 17% decrease from the 619 coins they produced in December 2023. The current Bitcoin price is $101,758 with a 24-hour volatility of 4.1%. The company’s market capitalization stands at an impressive $2.02 trillion, and the 24-hour trading volume amounts to $48.72 billion.
Nevertheless, the company saw a 4% rise in Bitcoin mining during December compared to the previous month. This boosted Riot Platforms’ Bitcoin holdings to 17,722 coins, marking a 142% year-over-year growth and a 55% monthly increase.
As a researcher, I can personally confirm that the company’s impressive year-long performance has been instrumental in our continued capacity expansion. In December alone, we managed to boost our hash rate by an astounding 31.5 Exahash per second (EH/s), marking a significant 155% Year-over-Year (YoY) growth.
What’s truly noteworthy is the strategic expansion of our hash rate. In Rockdale, we added 15 EH/s, while in Corsicana, we increased it by 14.1 EH/s. Our operations in Kentucky also saw a substantial boost, with around 2.4 EH/s added to our capacity there.
Jason Les, CEO of Riot Platforms, announced that we’ve successfully installed all final systems at our Corsicana Facility, marking the completion of the initial 400 MW development phase. Although miners are already in place, we’re carrying out a careful commissioning procedure to guarantee optimal power quality, as part of our dedication to responsible electrical grid management. This process has caused a slight delay in some hash rate activation.
For an entire year, Riot Platforms amassed a total of 4,828 Bitcoins through mining. In the first quarter of 2025, the company anticipates enhancing its mining power by approximately 34.5 exahash per second (EH/s), provided that the Corsicana and Kentucky facilities are fully operational, along with the incorporation of more MicroBT equipment.
Market Impact of Riot Platforms Bitcoin Mining Performance
After an outstanding showing in December 2024 and promising forecasts for the upcoming periods, the company’s stock price surged more than 5% to around $12.98 during the early trading session in New York on Monday, January 6.
A company worth approximately $4.24 billion has experienced a surge in its stock market value by more than 58% during the past three months, largely due to the persistent increase in Bitcoin’s price. Notably, shares of this company, RIOT, have received an average recommendation of “Buy” from 17 analysts on Wall Street.
Previously, Coinspeaker noted that Riot Platforms has become a significant Bitcoin holder primarily by acquiring Bitcoins through secondary purchases facilitated by convertible bond issuances. For example, in December 2024, Riot Platforms spent $525 million to procure approximately 5,117 Bitcoins at an average cost of around $99,669 per coin.
Institutional buyers’ persistent investment in Bitcoin is driving the current market surge above $100k. Moreover, the amount of Bitcoin available on centralized platforms has been gradually decreasing as investors anticipate favorable cryptocurrency regulations under President Trump’s administration.
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2025-01-06 20:45