Riot Platforms Boosts Bitcoin Mining Output as Industry Expansion Accelerates

Riot Platforms, a leading Bitcoin mining company, reported a 4% increase in its Bitcoin production for December 2024, mining 516 BTC compared to the previous month.

The company attributed this growth to the expansion of its operational hash rate and the completion of the first 400 MW phase at its Corsicana facility. CEO Jason Les confirmed that while the systems are fully installed, a phased commissioning approach is being used to ensure grid stability and align with Riot’s sustainability goals.

Throughout 2024, Riot saw a 155% increase in its deployed hash rate compared to the prior year, far outpacing the 52% growth in the overall network hash rate. This efficiency allowed Riot to mine 4,828 BTC for the year at an average net power cost of $0.034 per kWh.

The company also utilized power curtailment credits and demand response programs to reduce energy expenses and support grid stability. By year’s end, Riot held 17,722 BTC—141% more than it had in December 2023—contributing to a 39% rise in Bitcoin yield per share, which Riot views as a key measure of shareholder value.

Other mining companies also reported notable achievements in December. CleanSpark Inc. expanded operations to three new states and mined 668 BTC in December, bringing its total annual production to 7,024 BTC. Its hash rate reached 39.1 EH/s, with plans to achieve 50 EH/s by mid-2025. Core Scientific, meanwhile, mined 291 BTC in December with a hash rate of 19.1 EH/s and an energy-efficient fleet.

The company also provided hosting services for customer-owned miners, adding 18 BTC to its output.