The Rise and Rise of Riot Platforms
Riot Platforms, a renowned Bitcoin mining and data center hosting industry leader, recently brought to light an unaudited operations and production update for September 2023. This comes on the heels of an impressive Bitcoin production tally. Continuing to execute its power strategy, Riot has significantly impacted the cryptocurrency industry both in scale and technological advancement.
Bitcoin Production Statistics – September 2023
Riot Platforms reported the production of 362 Bitcoin in September 2023. In comparison to the previous month, this marked an increase of 9% from 333 Bitcoin produced in August 2023. Interestingly, there was also a modest rise in Bitcoin produced when compared year-over-year, with September 2022’s count being 355 Bitcoin.
The company indicated an increase in the average daily production of Bitcoin, which shot up by 12% month-on-month from 10.8 to 12.1. The amount of Bitcoin held by Riot Platforms at the end of September 2023 was 7,327, marking an increase of 8% year-over-year. There was a total sale of 340 Bitcoin in the same month as well, representing an increase of 13% month-on-month. Finally, Bitcoin sales brought net proceeds of $9.0 million, an increase of 4% from the previous month.
Even though the average net price per Bitcoin sold reduced by 8% month-on-month to $26,379, it still represents an impressive year-on-year increase of 29%.
Power Strategy Contributions
Riot Platforms also highlighted its power strategy contributions as part of the operational update. The firm secured $11.0 million in Power Credits, and $2.5 million in Demand Response Credits courtesy of ERCOT’s ancillary services program. Consequently, Riot’s robust long-term, fixed-price power contracts in tandem with the business’s flexible power utilization reported stabilizing the ERCOT electrical grid.
An industry resource powerhouse, Riot Platforms’ Texas-based Rockdale Facility has commenced the installation of replacement dry coolers in Building G, one of its immersion buildings. With an ever-increasing hash rate, its capacity is estimated to return to the full potential of 2.4 EH/s by November 2023, shooting Riot’s total self-mining hash rate capacity to 12.5 EH/s.
A Future Driven by Innovation
Riot Platforms has confirmed a long-term agreement purchase with MicroBT, pending an initial order of 7.6 EH/s of the next-generation Bitcoin miners for its Corsicana Facility. Upon full deployment by mid-2024, the company’s total self-mining hash rate capacity is projected to push the bar to 20.1 EH/s. The sophisticated and well-tailored power strategy of Riot aims to ensure grid stability, particularly during high-demand periods like the summer heatwaves in Texas.
As we continue to journey in the world of Bitcoin mining, these updates from Riot make for fascinating study. They present a vivid snapshot of the industry’s current landscape and offer an enticing glimpse into the future.
