Riot Announces September 2024 Production and Operations Updates
Rhea-AI Summary
Riot Platforms, Inc. (NASDAQ: RIOT) announced its unaudited production and operations updates for September 2024. Key highlights include:
- 412 Bitcoin produced, a 28% increase from August
- Total deployed hash rate reached 28.2 EH/s, a 20% increase month-over-month
- Average operating hash rate increased to 19.5 EH/s, up 35% from August
- Bitcoin held increased to 10,427, up 4% from August
- Completion of Building B1 at Corsicana Facility, bringing power capacity to 300 MW
CEO Jason Les attributed the production increase to higher average operating hash rate and operational improvements. The company continues to progress on Building B2 at Corsicana, expected to be operational in November. Riot's power strategy focuses on flexible consumption, participating in grid demand response programs.
Positive
- Bitcoin production increased 28% month-over-month to 412
- Total deployed hash rate grew 20% to 28.2 EH/s
- Average operating hash rate rose 35% to 19.5 EH/s
- Bitcoin holdings increased 4% to 10,427
- Completed Building B1 at Corsicana Facility, adding 100 MW capacity
Negative
- Power credits decreased 66% month-over-month to $2.2 million
- All-in power cost increased 35% to 3.5c/kWh
News Market Reaction
On the day this news was published, RIOT gained 2.48%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Riot Produces 412 Bitcoin in September 2024 and Achieves Q3 Hash Rate Target, with 28.2 EH/s Deployed
Bitcoin Production and Operations Updates for September 2024
Comparison (%) | |||||||
Metric | September 20241 | August 20241 | September 2023 | Month/Month | Year/Year | ||
Bitcoin Produced | 412 | 322 | 362 | 28 % | 14 % | ||
Average Bitcoin Produced per Day | 13.7 | 10.4 | 12.1 | 32 % | 14 % | ||
Bitcoin Held 2 | 10,427 | 10,019 | 7,327 | 4 % | 42 % | ||
Bitcoin Sold | - | - | 340 | N/A | N/A | ||
Bitcoin Sales - Net Proceeds | - | - | N/A | N/A | |||
Average Net Price per Bitcoin Sold | N/A | N/A | N/A | N/A | |||
Deployed Hash Rate - Rockdale 2 | 15.0 EH/s | 14.7 EH/s | 10.9 EH/s | 2 % | 38 % | ||
Deployed Hash Rate - Corsicana 2 | 11.9 EH/s | 7.6 EH/s | - | 57 % | N/A | ||
Deployed Hash Rate - | 1.3 EH/s | 1.2 EH/s | N/A | 5 % | N/A | ||
Deployed Hash Rate - Total 2 | 28.2 EH/s | 23.5 EH/s | 10.9 EH/s | 20 % | 159 % | ||
Avg. Operating Hash Rate - Rockdale 4 | 9.7 EH/s | 8.2 EH/s | 5.2 EH/s | 18 % | 88 % | ||
Avg. Operating Hash Rate - Corsicana 4 | 8.6 EH/s | 5.2 EH/s | - | 66 % | N/A | ||
Avg. Operating Hash Rate - | 1.2 EH/s | 1.0 EH/s | N/A | 14 % | N/A | ||
Avg. Operating Hash Rate - Total 4 | 19.5 EH/s | 14.5 EH/s | 5.2 EH/s | 35 % | 279 % | ||
Power Credits 5 | -67 % | -83 % | |||||
Demand Response Credits 6 | -56 % | -87 % | |||||
Total Power Credits | -66 % | -84 % | |||||
All-in Power Cost - Rockdale 7 | 3.5c/kWh | 2.0c/kWh | (0.5)c/kWh | 72 % | N/M | ||
All-in Power Cost - Corsicana 7 | 3.5c/kWh | 3.9c/kWh | N/A | -12 % | N/A | ||
All-in Power Cost - | 4.0c/kWh | 3.7c/kWh | N/A | 8 % | N/A | ||
All-in Power Cost - Total 7 | 3.5c/kWh | 2.6c/kWh | (0.5)c/kWh | 35 % | N/M | ||
- Unaudited, estimated.
- As of month-end.
- Includes self-mining capacity hosted outside of
Kentucky . - 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.
- All-in power cost for
Kentucky assets.
"Riot mined 412 Bitcoin in September, a
"We are excited about the results we are seeing from our growing hash rate and operational improvements, which are directly translating into increased production and improved efficiency. Following the completion of our third 100 MW building, Building B1, at our Corsicana Facility during the month, we achieved a total deployed hash rate capacity of 28.2 EH/s. Building on this momentum, our teams continue to make rapid progress on the construction and deployment of the fourth 100 MW building at our Corsicana Facility, Building B2, which will deliver further increases in hash rate growth and operational efficiency."
Riot's Power Strategy Overview
Riot's power strategy is based on being a flexible consumer of power. The Company typically consumes power when it is low-cost and abundant, as opposed to residential consumers, who typically increase power usage during peak periods of demand. When demand increases and/or supply decreases, causing prices to rise, the Company can either power down to reduce power costs, or bid competitively to provide the grid operator with visibility into, and control over, Riot's power utilization. This control gives the grid operator the ability to either absorb excess power when supply is high or to curtail Riot's operations in order to reduce demand when beneficial to the grid, and ultimately, to all consumers.
During September, Riot continued its participation in ERCOT's Four Coincident Peak Program ("4CP"). The 4CP program is an opportunity for users of power to curtail usage during periods of highest demand on the grid in each of the four summer months of the year. Riot curtailed operations in September during peak periods of demand. These periods of curtailment occur whenever total demand on the grid potentially reaches its peak point for each month, and does not depend on the current price for power, which fluctuates due to a variety of factors and may be lower or higher than anticipated. As part of Riot's participation in this voluntary program, the Company can achieve substantial savings on future costs, and participation is a key part of the Company's partnership-driven approach with the grid and all consumers of power in ERCOT.
Corsicana Updates
Riot is currently developing Phase 1 (400 MW) of the Company's Corsicana Facility, which, once fully developed, is expected to total 1 gigawatt (1,000 MW) in developed mining capacity.
Riot completed the development of the third 100 MW building, Building B1, in September, bringing power capacity at the Corsicana Facility to 300 MW. Development continues on the final 100 MW building of Phase 1, Building B2, which is expected to be completed and fully operational in November.
During the first two days of October, the Corsicana Facility was powered down for planned maintenance on its substation. This maintenance was completed on October 2nd, and the facility has now resumed normal operations.
Estimated Hash Rate Growth
Investor Events
- Bitcoin
Amsterdam held inAmsterdam on October 9-10th - AIM Summit in
Dubai on October 21-22nd
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
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
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 September 2024?
What was Riot's total deployed hash rate in September 2024?
How many Bitcoin did Riot hold as of September 2024?
What progress did Riot make at its Corsicana Facility in September 2024?
How did Riot's power credits change in September 2024 compared to August?
