#United States #Bitcoin Mining #Riot Platforms #Crypto Industry #Castle Rock

Riot Platforms November 2024 Production Report

On December 3rd, 2024, Riot Platforms, Inc. (NASDAQ: RIOT) announced its operational metrics for November 2024, detailing its performance in the Bitcoin mining sector. Producing 495 Bitcoins for the month highlights the company's consistent production, marking a 2% decrease from 505 Bitcoins in the previous month and a 10% drop compared to November 2023. Despite a 7% increase in Bitcoin’s network difficulty during this period, Riot has shown remarkable resilience in its production output.

Key Metrics Overview

The data revealed by the company exhibits strong operational management and strategic initiatives that contributed to maintaining production levels. For context, here are some key metrics from the report:

• - Average Bitcoin Produced per Day: 16.5, a slight increase from 16.3 in October and a decline from 18.4 a year ago.
• - Total Bitcoin Held: 11,425, marking a 5% increase from the previous month and a 55% surge year-over-year.
• - Net Proceeds from Bitcoin Sales: Not reported this month compared to $19.6 million in November 2023.
• - Deployed Hash Rate: Total combined hash rates from all facilities reached 30.8 EH/s, representing a 5% month-over-month increase and a staggering 148% year-over-year growth.

Operational Efficiency

According to Jason Les, CEO of Riot Platforms, the company’s operational enhancements are evident as the operating hash rate increased 13% month-over-month, showcasing the effectiveness of the company’s ongoing operational improvements. These efforts include the continued deployment of new mining hardware and optimizing existing processes to better utilize the enhanced hash rate capacity.

The average power cost remained relatively stable across facilities:

• - Rockdale: 3.8c/kWh
• - Corsicana: 3.8c/kWh
• - Kentucky: 3.9c/kWh

This consistency in power costs amidst fluctuating energy markets indicates strategic purchasing and efficiency measures in place across operations.

Looking Ahead

Riot Platforms is keen on expanding its presence at upcoming industry events. Notable conferences include:

• - B. Riley Securities Energy Convergence Conference on December 4 in New York City.
• - Bitcoin MENA on December 9-10 in Abu Dhabi.
• - Roth 13th Annual Conference from December 11-14 in Deer Valley, Utah.
• - Northland Growth Conference virtually on December 12.

The ongoing recruitment campaign for various positions highlights Riot’s commitment to growth and development within the Bitcoin mining sector, as it aims to build a more robust technological infrastructure. Interested candidates can explore available roles online.

Conclusion

Riot Platforms’ November 2024 report illustrates their unwavering commitment to efficiency and innovation in Bitcoin mining. The sustained production numbers, alongside significant gains in hash rate performance, underscore the company's strategies aimed at solidifying its leadership in the crypto mining industry. As networks become increasingly complex, Riot's operational improvements position the company favorably for future growth and performance enhancements.