Riot Platforms, Inc. has reported a 3% increase in its stock value following the release of its December 2024 production update, showcasing a strong performance in Bitcoin mining.
The company mined 516 Bitcoin in December, reflecting a 4% month-over-month increase from November. By the end of the year, Riot had accumulated a total of 17,722 Bitcoin, marking a 141% year-over-year growth in its holdings. Additionally, Riot’s Bitcoin holdings per fully diluted share grew by 39%, highlighting the company’s ongoing focus on increasing shareholder value.
In the update, Riot confirmed the completion of the first phase of its Corsicana Facility and revealed that it had expanded its hash rate by 155% in 2024, significantly outpacing the network-wide hash rate growth of 52%. Riot’s efficient mining operations contributed to the production of 4,828 Bitcoin for the year, with a remarkably low all-in net power cost of 3.4 cents per kilowatt-hour.
The company also emphasized that the full activation of its hash rate is still in progress, with ongoing efforts to ensure the stability of the power grid during the commissioning process.
Riot’s positive performance was acknowledged by analysts, with H.C. Wainwright recently naming Riot among the top three Bitcoin miners, forecasting the company will outperform its rivals in the coming months.
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