Riot Platforms, Inc. (NASDAQ: RIOT), a leading vertically integrated Bitcoin mining company, has released its unaudited production and operational performance data for December 2024. The report highlights continued growth in Bitcoin output, expanding hash rate capacity, and strategic advancements across its U.S.-based mining facilities.
December 2024 Bitcoin Production Overview
In December 2024, Riot successfully mined 516 Bitcoin, marking a 4% increase compared to 495 BTC produced in November 2024. This month-over-month growth reflects the company’s ongoing efforts to scale operations and improve mining efficiency.
- Average daily Bitcoin production: 16.6 BTC (up from 16.5 BTC in November)
- Year-over-year comparison: A decline of 17% from 619 BTC mined in December 2023, primarily due to increased network difficulty and evolving market conditions
Despite the year-over-year dip, Riot’s full-year 2024 performance remains strong, with 4,828 Bitcoin mined at an average all-in net power cost of just 3.8 cents per kWh.
Hash Rate Expansion and Facility Development
Riot continues to expand its mining footprint across Texas and Kentucky, with total deployed hash rate reaching 31.5 EH/s by the end of December 2024—an increase of 3% from the prior month and a staggering 155% year-over-year growth.
Key Facility Metrics
Rockdale, Texas
- Deployed hash rate: 15.0 EH/s (unchanged from November)
- Average operating hash rate: 12.1 EH/s (+8% MoM)
- All-in power cost: 3.9¢/kWh
Corsicana, Texas
- Deployed hash rate: 14.1 EH/s (+2% MoM)
- Average operating hash rate: 13.1 EH/s
- All-in power cost: 3.6¢/kWh (down from 3.8¢/kWh)
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Kentucky Facility
- Deployed hash rate: 2.4 EH/s (+29% MoM)
- Average operating hash rate: 2.2 EH/s (+38% MoM)
- All-in power cost: 4.6¢/kWh
The Corsicana facility has now completed installation of all systems for its first 400 MW development phase. While miners are fully installed, Riot is implementing a measured commissioning process to ensure grid stability and power quality—demonstrating its commitment to responsible energy use within the ERCOT and MISO networks.
Financial and Operational Efficiency Gains
Riot’s focus on operational efficiency is reflected in several key metrics:
- Fleet efficiency improved to 21.9 J/TH, down from 22.3 J/TH in November and significantly better than 27.6 J/TH in December 2023—a 21% year-over-year improvement
- Total power credits: $1.0 million (net of curtailment and demand response programs), contributing to lower effective power costs
- All-in power cost (total): Held steady at 3.8¢/kWh, down 7% YoY despite regional energy fluctuations
These gains underscore Riot’s ability to maintain low-cost operations while scaling infrastructure—a critical advantage in competitive Bitcoin mining.
Bitcoin Holdings and Shareholder Value
One of the most significant developments in December was Riot’s decision to hold all newly mined Bitcoin, with zero BTC sold during the month.
- Total Bitcoin held: 17,722 BTC as of December 31, 2024 (up 55% from November)
- Includes 5,784 BTC acquired in December through mining and strategic accumulation
- Represents a 141% increase compared to 7,362 BTC held at the end of 2023
This aggressive holding strategy has directly enhanced shareholder value:
- Bitcoin per fully diluted share: Increased to 44.3 BTC per million shares, up 40% MoM and 39% YoY
- Known internally as “bitcoin yield,” this metric reflects Riot’s growing intrinsic value per share
Strategic Outlook for 2025
CEO Jason Les emphasized Riot’s long-term vision:
“We increased our deployed hash rate by 155% in 2024—outpacing the network’s 52% growth. This allowed us to mine nearly 4,830 Bitcoin at industry-leading power costs. Our focus now is on sustainable scaling, grid integration, and maximizing bitcoin yield for shareholders.”
Looking ahead, Riot aims to:
- Complete full commissioning of Corsicana’s Phase I
- Expand Kentucky operations with additional modular data centers
- Continue optimizing energy procurement and cooling technologies
- Strengthen partnerships with regional power providers
Upcoming Investor Engagement
Riot will participate in key industry events to discuss strategy and performance:
- Needham 27th Annual Growth Conference (virtual), January 17
- Nashville Energy and Mining Summit, January 30–31
Frequently Asked Questions (FAQ)
Q: Why did Riot produce less Bitcoin year-over-year despite higher hash rate?
A: Although Riot’s hash rate grew significantly, overall Bitcoin network difficulty increased by over 50% in 2024. This means more computational power is required to mine each block, reducing per-miner rewards unless efficiency improvements offset the rise.
Q: What does “measured commissioning” mean for Corsicana?
A: Measured commissioning involves gradually bringing online new mining systems to monitor power load, thermal output, and grid impact. This ensures reliability and compliance with local utility standards—especially important during peak demand periods in Texas.
Q: How does Riot achieve such low power costs?
A: Through long-term power agreements, participation in demand response programs (earning $1.4M in credits in December), efficient infrastructure design, and strategic site selection near abundant energy sources.
Q: Is Riot still acquiring new mining hardware?
A: Yes. While not detailed in this report, Riot has previously announced contracts for future miner deliveries that will support continued hash rate growth into 2025.
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Q: What is “bitcoin yield” and why is it important?
A: Bitcoin yield refers to the amount of Bitcoin held per fully diluted share. It's a unique valuation metric showing how much direct exposure shareholders have to Bitcoin appreciation—a growing focus for investors in crypto-native companies.
Q: Does Riot hedge or sell Bitcoin regularly?
A: No. Riot follows a long-term holding strategy, only selling Bitcoin when strategically necessary. In December 2024, no sales were made, reinforcing confidence in Bitcoin’s future value.
Core Keywords
Bitcoin mining, hash rate growth, Riot Platforms, Bitcoin production, energy efficiency, BTC holdings, mining profitability, all-in power cost
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Riot remains positioned as a leader in U.S.-based Bitcoin mining, combining scalable operations, cost-efficient energy use, and a clear focus on long-term value creation. As the post-halving landscape takes shape in 2025, Riot’s robust infrastructure and growing Bitcoin treasury place it among the most resilient players in the industry.