Riot Announces January 2025 Production and Operations Updates

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Rhea-AI Summary

Riot Platforms reported producing 527 Bitcoin in January 2025, a 2% increase from December 2024 and 1% year-over-year. The company's total deployed hash rate reached 33.5 EH/s, marking a 171% increase year-over-year, with operations across Rockdale, Corsicana, and Kentucky facilities.

The company's Bitcoin holdings grew to 18,221, including 5,784 Bitcoin acquired in December 2024. Total power credits increased to $3.6 million, up 250% month-over-month. The company achieved improved fleet efficiency at 21.1 J/TH, a 22% improvement year-over-year.

Riot announced halting its previously planned 600 MW Phase II Bitcoin mining expansion at the Corsicana Facility, revising its year-end 2025 hash rate projection from 46.7 EH/s to 38.4 EH/s. The company is evaluating potential AI/HPC uses for the remaining power capacity.

Positive

Bitcoin production increased 2% month-over-month to 527
Total deployed hash rate grew 171% YoY to 33.5 EH/s
Bitcoin holdings increased to 18,221, up 138% YoY
Power credits rose 250% MoM to $3.6 million
Fleet efficiency improved 22% YoY to 21.1 J/TH
All-in power costs decreased 8% MoM to 3.5c/kWh

Negative

Reduction in 2025 hash rate capacity target from 46.7 EH/s to 38.4 EH/s
Halting of planned 600 MW Phase II Bitcoin mining expansion at Corsicana
Demand Response Credits decreased 60% YoY to $0.4 million

News Market Reaction

+2.50%

1 alert

+2.50% News Effect

On the day this news was published, RIOT gained 2.50%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

02/04/2025 - 09:00 AM

Riot Produces 527 Bitcoin in January 2025

CASTLE ROCK, Colo., Feb. 4, 2025 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin ("BTC") mining, announces unaudited production and operations updates for January 2025.

Bitcoin Production and Operations Updates for January 2025

				*Comparison (%)*
Metric	January 2025 ¹	December 2024 ¹	January 2024	*Month/Month*	*Year/Year*
Bitcoin Produced	527	516	520	2 %	1 %
Average Bitcoin Produced per Day	17.0	16.6	16.8	2 %	1 %
Bitcoin Held ²	18,221	17,722	7,648	3 %	138 %
Bitcoin Sold	-	-	212	N/A	N/A
Bitcoin Sales - Net Proceeds	-	-	$9.5 million	N/A	N/A
Average Net Price per Bitcoin Sold	N/A	N/A	$44,860	N/A	N/A
Deployed Hash Rate - Rockdale ²	15.0 EH/s	15.0 EH/s	12.4 EH/s	0 %	21 %
Deployed Hash Rate - Corsicana ²	15.7 EH/s	14.1 EH/s	-	11 %	N/A
Deployed Hash Rate - Kentucky ²	2.8 EH/s	2.4 EH/s	N/A	19 %	N/A
Deployed Hash Rate - Total ²	33.5 EH/s	31.5 EH/s	12.4 EH/s	6 %	171 %
Avg. Operating Hash Rate - Rockdale 4	12.7 EH/s	12.1 EH/s	8.7 EH/s	5 %	47 %
Avg. Operating Hash Rate - Corsicana ⁴	14.2 EH/s	13.1 EH/s	-	8 %	N/A
Avg. Operating Hash Rate - Kentucky ⁴	2.4 EH/s	2.2 EH/s	N/A	10 %	N/A
Avg. Operating Hash Rate - Total ⁴	29.3 EH/s	27.4 EH/s	8.7 EH/s	7 %	238 %
Power Credits ⁵	$3.2 million	$0.8 million	$2.2 million	328 %	44 %
Demand Response Credits ⁶	$0.4 million	$0.3 million	$1.1 million	50 %	-60 %
Total Power Credits	$3.6 million	$1.0 million	$3.3 million	250 %	10 %
All-in Power Cost - Rockdale ⁷	3.3c/kWh	3.9c/kWh	3.3c/kWh	-15 %	0 %
All-in Power Cost - Corsicana ⁷	3.7c/kWh	3.6c/kWh	N/A	3 %	N/A
All-in Power Cost - Kentucky ⁷	3.2c/kWh⁸	4.6c/kWh	N/A	-31 %	N/A
All-in Power Cost - Total ⁷	3.5c/kWh	3.8c/kWh	3.3c/kWh	-8 %	6 %
Fleet Efficiency ²	21.1 J/TH	21.9 J/TH	27.0 J/TH	-3 %	-22 %

Unaudited, estimated.
As of month-end.
Bitcoin holdings include 5,784 Bitcoin acquired in December 2024.
Average over the month.
Estimated power curtailment credits.
Estimated credits received from participation in ERCOT and MISO demand response programs.
Estimated. Inclusive of all transmission and distribution charges, fees, adders, and taxes. Net of Total Power Credits.
Kentucky all-in power cost for January 2025 excludes the Blue Steel site.

"Riot mined 527 bitcoin in January, marking the second consecutive month of increased production despite rising network difficulty," said Jason Les, CEO of Riot. "During the month, we completed the commissioning of the Corsicana Facility and are pleased to report that all systems are now fully operational. As a result, the Corsicana Facility reached a deployed hash rate of 15.7 EH/s towards the end of the month. We also continue to see strong results from newly deployed miners and immersion systems reflected in the significant improvement in our operational hash rate and utilization rates.

"Last month, Riot announced the launch of a formal AI/HPC evaluation process for the remaining 600 MW of power capacity at our Corsicana Facility, and that process continues. We have engaged Altman Solon, a leading consultant to the data center industry, to conduct a feasibility assessment of our Corsicana Facility, and their work is underway. We look forward to sharing more developments as this process advances further."

Projected Hash Rate Growth

As previously announced, Riot has launched a formal process to evaluate the feasibility of developing the approximately 600 megawatts ("MW") of remaining power capacity at the Company's Corsicana Facility for AI/HPC uses. In connection with its evaluation of AI/HPC opportunities, Riot is halting the development of its previously announced 600 MW Phase II Bitcoin mining expansion at the Corsicana Facility, although the Company will continue developing the substation to support additional power capacity.

As a result, Riot is reducing its previously announced total self-mining hash rate capacity growth and associated capital expenditures for 2025. Previously, the Company expected to end 2025 with a total hash rate capacity of 46.7 EH/s, but in connection with this halt of the expansion of Bitcoin mining operations at the Corsicana Facility, Riot now expects to end the year at 38.4 EH/s.

Investor Events

Bernstein's 3^rd Annual TMT Forum held in Menlo Park, CA, February 26^th – 27^th.

Human Resources Update

Riot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.

Open positions are available at: https://www.riotplatforms.com/careers.

About Riot Platforms, Inc.

Riot's (NASDAQ: RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

For more information, visit www.riotplatforms.com.

Safe Harbor

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential," "hope," similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements relating to the Company's development at its Corsicana Facility and the Company's plans, projections, objectives, expectations, and intentions about future events and trends that it believes may affect the Company's financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: risks related to the Company's growth, the anticipated demand for AI/HPC uses, the feasibility of developing the Company's power capacity for AI/HPC uses, competition in the markets in which the Company operates, market growth, the Company's ability to innovate and expand into new markets, the Company's ability to realize benefits from its implementation of new strategies into its business, estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the development of our mining facilities in Texas, Kentucky and elsewhere; our expected schedule of new miner deliveries; our access to electrical power; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; our megawatt capacity under development; risks related to the Company's inability to realize the anticipated benefits from immersion cooling; the inability to integrate acquired businesses successfully, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; or the failure of the Company to otherwise realize anticipated efficiencies and strategic and financial benefits from our business strategies. Detailed information regarding the factors identified by the Company's management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the risks, uncertainties and other factors discussed under the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC's website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

Investor Contact:
Phil McPherson
303-794-2000 ext. 110
IR@Riot.Inc

Media Contact:
Alexis Brock
303-794-2000 ext. 118
PR@Riot.Inc

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SOURCE Riot Platforms, Inc.

FAQ

How many Bitcoin did RIOT produce in January 2025?

RIOT produced 527 Bitcoin in January 2025, representing a 2% increase from December 2024 and a 1% increase year-over-year.

What is RIOT's current deployed hash rate across all facilities?

RIOT's total deployed hash rate reached 33.5 EH/s across its Rockdale, Corsicana, and Kentucky facilities, marking a 171% increase year-over-year.

Why did RIOT revise its 2025 hash rate target?

RIOT revised its 2025 hash rate target from 46.7 EH/s to 38.4 EH/s due to halting the planned 600 MW Phase II Bitcoin mining expansion at the Corsicana Facility to evaluate AI/HPC opportunities.

How many Bitcoin does RIOT hold as of January 2025?

RIOT held 18,221 Bitcoin as of January 2025, including 5,784 Bitcoin acquired in December 2024, representing a 138% increase year-over-year.

What was RIOT's power cost performance in January 2025?

RIOT's total all-in power cost decreased 8% month-over-month to 3.5c/kWh, with total power credits reaching $3.6 million, up 250% from December 2024.

Riot Announces January 2025 Production and Operations Updates