Riot Platforms, Inc. (NASDAQ: RIOT), a prominent player in the Bitcoin (BTC) mining industry, has released its unaudited production and operations updates for August 2024. According to Riot Platforms, the company produced 322 Bitcoin in August and now holds over 10,000 Bitcoin, marking a significant milestone in its operational growth.

Bitcoin Production and Operations

In August 2024, Riot Platforms’ Bitcoin production totaled 322 BTC, a decrease from the 370 BTC produced in July 2024 and slightly down from the 333 BTC produced in August 2023. The average Bitcoin produced per day was 10.4 BTC, compared to 11.9 BTC in July 2024 and 10.8 BTC in August 2023. This represents a month-over-month decline of 13% and a year-over-year decrease of 3%.

The company’s Bitcoin holdings increased to 10,019 BTC by the end of August, up from 9,704 BTC in July 2024 and 7,309 BTC in August 2023. This reflects a 3% increase month-over-month and a 37% increase year-over-year. Notably, Riot Platforms did not sell any Bitcoin during the month, maintaining its strategy of holding the mined cryptocurrency.

Operational Insights

Riot Platforms’ CEO, Jason Les, highlighted the company’s power strategy, which involves optimizing energy costs and contributing to the grid during peak demand periods. The company generated power credits worth $5.7 million in August, significantly higher than the $3.2 million in July 2024 but lower than the $23.3 million in August 2023.

Les mentioned that high temperatures and unscheduled maintenance at the Rockdale Facility impacted uptime. However, the facility has since returned to full operation. Cooling systems at the Corsicana Facility’s Buildings A1 and A2 were completed towards the end of August, mitigating the impact of high temperatures on operations going forward.

Infrastructure Developments

Riot Platforms is making substantial progress in developing its Corsicana Facility. The third 100 MW building, Building B1, is expected to be fully operational by the end of September. Development of the final 100 MW building, Building B2, is also underway, with miner deployment set to begin in September.

Additionally, Riot Platforms is increasing its hash rate at newly acquired facilities in Kentucky. The company aims to achieve a hash rate of 28 EH/s by the end of the third quarter and 36 EH/s by year-end.

Future Outlook

Riot Platforms remains committed to its strategic goals, including optimizing energy consumption and expanding its mining capacity. The company continues to participate in ERCOT’s Four Coincident Peak Program, which allows it to curtail power usage during peak demand periods, thereby achieving substantial future cost savings.

For more details, visit the original announcement on Riot Platforms.

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