Bitcoin mining company Riot Platforms announced a 4% increase in Bitcoin production for December 2024, mining 516 Bitcoins compared to November. The company’s CEO, Jason Lees, confirmed the progress as Riot continues to expand its operational hash rate.
Counter-Bitcoin mining platforms have reported an increase in BTC mining
Bitcoin mining company Riot Platforms announced it completed the first 400 megawatts of the development phase of its Corsicana facility in December. Although all systems are operational and miners are present, the company has adopted a phased approach to operation. The move comes on the heels of BTC mining firm MARA lending 7,377 bitcoins (BTC) to third parties, constituting 16% of its total reserves of 44,893 BTC.
This move will help maintain the quality of BTC mining power and network stability which is part of Riot’s sustainability initiatives. Some hash rates have been held back by the commissioning process, but overall things are still on schedule.
According to Jason Lees, “We are pleased to announce that the last systems have been installed at the Corsicana facility thus concluding the first development phase of 400 MW.” Operationally, hash rate growth was the main driver contributing to December production, which is in line with its focus on efficiency and production.
The hash rate of riot control platforms increased by 155%.
Riot Platforms also achieved significant milestones in 2024 as it achieved a 155% increase in the hashrate it posted compared to the previous year. The network’s hashrate rose 52% over the same period, while Riot’s deployment was even faster than this growth.
During 2024, the company mined a total of 4,828 Bitcoins at an average net energy cost of US$0.034 per hour. During this period, Riot, meanwhile, leveraged energy curtailment credits and participated in demand response programs with ERCOT and MISO to reduce energy costs and support grid stability.
As of the end of the year, Bitcoin mining company Riot had 17,722 BTC, which was 141% more than it had at the end of December 2023. This growth also translated into a 39% increase in Bitcoin’s earnings per fully diluted share, which the company considers to be It is one of the main criteria for creating shareholder value. According to Riot, this is due to efficient processes and a good approach to buying Bitcoin.
The Bitcoin mining industry is witnessing competitive developments
While Bitcoin mining company Riot Platforms showed off its gains, other leading mining companies also reported important updates in December. Clean Spark Another major U.S.-based Bitcoin miner achieved the milestone of an operating hashrate of 39.1 exahash/s at the end of 2024.
CleanSpark mined 668 BTC in December, bringing its total production for the year to 7,024 BTC. CleanSpark has also expanded its operations to three new states and announced plans to reach 50 EH/s by mid-2025.
Meanwhile, Bitcoin mining company Core Scientific, I mentioned Self-mining production reached 291 BTC in December, operating a fleet with a hash rate of 19.1 exahash/s. The company also provided hosting services for customer-owned miners, generating an additional 18 bitcoins. Core Scientific focused on energy-efficient operations, resulting in a fleet efficiency of 24.6 J/Tha.
Amid these announcements, the price of Bitcoin saw notable movement during the month of December, with the price of Bitcoin briefly reaching $102,227 as of press time. This increase came on the heels of a purchase announcement from MicroStrategy, which added 1,070 BTC to the company’s treasury.
Kelvin Munene Muriithi
Kelvin is a distinguished writer with experience in cryptocurrencies and finance, and holds a bachelor’s degree in actuarial science. Known for his incisive analysis and insightful content, he is fluent in English and excels at conducting comprehensive research and providing timely cryptocurrency market updates.
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