Riot Announces November 2024 Production and Operations Updates

Rhea-AI Summary

Riot Platforms produced 495 Bitcoin in November 2024, a 2% decrease from October and 10% year-over-year decline. The company's total deployed hash rate reached 30.8 EH/s, up 5% from October and 148% year-over-year. Notable operational metrics include a 13% month-over-month increase in average operating hash rate to 25.8 EH/s, and $1.4 million in total power credits. The company maintained an efficient all-in power cost of 3.8c/kWh across facilities and improved fleet efficiency to 22.3 J/TH. Riot held 11,425 Bitcoin at month-end, representing a 5% increase from October.

Positive

• Total deployed hash rate increased 148% year-over-year to 30.8 EH/s
• Average operating hash rate improved 13% month-over-month to 25.8 EH/s
• Bitcoin holdings increased 5% to 11,425 BTC
• Fleet efficiency improved 19% year-over-year to 22.3 J/TH
• Total power credits reached $1.4 million

Negative

• Bitcoin production decreased 10% year-over-year to 495 BTC
• Monthly Bitcoin production declined 2% from October 2024

Insights

Financial Analyst

The November operational update reveals both strengths and challenges for Riot Platforms. While Bitcoin production decreased 10% year-over-year to 495 BTC, the company significantly expanded its infrastructure, with total deployed hash rate growing 148% to 30.8 EH/s. The company maintains a strong Bitcoin treasury of 11,425 BTC, up 55% from last year, demonstrating a robust hodling strategy.

The operational efficiency improvements are notable, with fleet efficiency improving by 19% year-over-year to 22.3 J/TH. Power costs remain competitive at 3.8¢/kWh, while power credits of $1.4 million help offset operational expenses. The increased hash rate utilization, rising 13% month-over-month, suggests improving operational execution despite growing network difficulty.

Mining Operations Expert

Riot's operational metrics show strategic expansion across multiple facilities. The Corsicana facility is now a significant contributor with 13.9 EH/s deployed hash rate, while Kentucky operations are ramping up at 1.8 EH/s. The improvement in average operating hash rate to 25.8 EH/s demonstrates better utilization of deployed infrastructure.

The reduction in J/TH metrics indicates deployment of more efficient mining equipment, important for maintaining competitiveness in the current market. The ability to maintain low power costs while expanding operations is a key competitive advantage, though the decrease in demand response credits from $1.6 million to $0.4 million year-over-year suggests less opportunity for power arbitrage.

Riot Produces 495 Bitcoin in November 2024

CASTLE ROCK, Colo., Dec. 3, 2024 /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 November 2024.

Bitcoin Production and Operations Updates for November 2024
						Comparison (%)
Metric		November 2024 1	October 2024 1	November 2023		Month/Month	Year/Year
Bitcoin Produced		495	505	552		-2 %	-10 %
Average Bitcoin Produced per Day		16.5	16.3	18.4		1 %	-10 %
Bitcoin Held 2		11,425	10,928	7,358		5 %	55 %
Bitcoin Sold		-	-	540		N/A	N/A
Bitcoin Sales - Net Proceeds		-	-	$19.6 million		N/A	N/A
Average Net Price per Bitcoin Sold		N/A	N/A	$36,278		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		13.9 EH/s	13.0 EH/s	-		6 %	N/A
Deployed Hash Rate - Kentucky 2		1.8 EH/s	1.4 EH/s	N/A		28 %	N/A
Deployed Hash Rate - Total 2		30.8 EH/s	29.4 EH/s	12.4 EH/s		5 %	148 %
Avg. Operating Hash Rate - Rockdale 3		11.3 EH/s	10.5 EH/s	8.3 EH/s		7 %	36 %
Avg. Operating Hash Rate - Corsicana 3		12.9 EH/s	11.0 EH/s	-		18 %	N/A
Avg. Operating Hash Rate - Kentucky 3		1.6 EH/s	1.2 EH/s	N/A		30 %	N/A
Avg. Operating Hash Rate - Total 3		25.8 EH/s	22.7 EH/s	8.3 EH/s		13 %	211 %
Power Credits 4		$1.0 million	$0.3 million	$0.2 million		N/A	N/A
Demand Response Credits 5		$0.4 million	$0.7 million	$1.6 million		N/A	N/A
Total Power Credits		$1.4 million	$1.0 million	$1.8 million		N/A	N/A
All-in Power Cost - Rockdale 6		3.8c/kWh	4.0c/kWh	3.8c/kWh		N/A	N/A
All-in Power Cost - Corsicana 6		3.8c/kWh	3.6c/kWh	N/A		N/A	N/A
All-in Power Cost - Kentucky 6		3.9c/kWh	4.1c/kWh	N/A		N/A	N/A
All-in Power Cost - Total 6		3.8c/kWh	3.9c/kWh	3.8c/kWh		N/A	N/A
Fleet Efficiency		22.3 J/TH	23.1 J/TH	27.6 J/TH		-3 %	-19 %

1. Unaudited, estimated.
2. As of month-end.
3. Average over the month.
4. Estimated power curtailment credits.
5. Estimated credits received from participation in ERCOT and MISO demand response programs.
6. Estimated. Inclusive of all transmission and distribution charges, fees, adders, and taxes. Net of Total Power Credits.

"Riot mined 495 Bitcoin in November, demonstrating consistent month-over-month production despite a 7% increase in network difficulty during the month," said Jason Les, CEO of Riot. "This stability in our production is a reflection of the ongoing operational improvements we continue to make, as demonstrated by our operating hash rate increasing 13% month-over-month compared to a 5% increase in our hash rate capacity. Our work is not yet complete, and onsite teams continue deploying new miners and improving operations to increase our hash rate utilization further."

Estimated Hash Rate Growth

Investor Events

• B. Riley Securities Energy Convergence Conference, held in New York City, New York, on December 4^th
• Bitcoin MENA, held in Abu Dhabi, UAE, December 9^th – 10^th
• Roth 13^th Annual Conference held in Deer Valley, Utah, December 11^th – 14^th 
• Northland Growth Conference, held virtually on December 12^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 and Section 21E of the Securities Exchange Act of 1934. 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," and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company's plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited 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; megawatt ("MW") capacity under development; we may not be able to realize the anticipated benefits from immersion cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. 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 November 2024?

Riot produced 495 Bitcoin in November 2024.

What was RIOT's total deployed hash rate in November 2024?

Riot's total deployed hash rate reached 30.8 EH/s in November 2024.

How many Bitcoin does RIOT hold as of November 2024?

Riot held 11,425 Bitcoin as of November 2024.

What was RIOT's average power cost across facilities in November 2024?

Riot's all-in power cost across facilities was 3.8c/kWh in November 2024.