CASTLE ROCK, Colo. – Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT), a key player in Bitcoin mining, has reported its unaudited production and operational figures for September 2024, showcasing a significant increase in Bitcoin production and achieving its third-quarter hash rate goals. The company produced 412 Bitcoin in September, marking a 28% rise from August and a 14% increase from the same month last year.
The average daily production of Bitcoin also climbed to 13.7, up from 10.4 in August. Riot's total Bitcoin holdings now stand at 10,427, reflecting a 4% increase from August and a 42% surge year-over-year. Notably, no Bitcoin sales occurred in September.
Riot's total deployed hash rate capacity reached 28.2 exahashes per second (EH/s), with significant contributions from its facilities in Rockdale, Corsicana, and Kentucky. The Rockdale facility's average operational hash rate for September was 9.7 EH/s, while Corsicana and Kentucky contributed 8.6 EH/s and 1.2 EH/s, respectively.
The company's power strategy has been a flexible approach to consumption, capitalizing on low-cost periods and reducing usage during high-demand peaks. Riot participated in the ERCOT Four Coincident Peak Program in September, curtailing operations during peak demand times, which is a strategic move to manage future costs effectively.
In addition to its operational achievements, Riot completed the development of the third 100 MW building at its Corsicana Facility in September, which is part of the larger goal to develop 1 gigawatt of mining capacity. The company also resumed normal operations in early October after planned maintenance.
Riot Platforms continues to recruit for various positions across the company, emphasizing its commitment to expanding and securing the Bitcoin network.
This report is based on a press release statement from Riot Platforms, Inc. and reflects the company's performance and strategic direction without endorsing any claims. The information provided offers key insights into Riot's operational success and its impact on the Bitcoin mining landscape.
In other recent news, Riot Platforms, a key player in Bitcoin mining, received an Outperform rating from Macquarie, indicating a positive outlook for the company's stock. This rating comes alongside the company's achievement of holding over 10,000 Bitcoin and an increase in its stake in Bitfarms to 18.9% by acquiring an additional 1 million common shares.
Riot Platforms and Bitfarms, both significant entities in the cryptocurrency mining industry, have also reached a settlement agreement, resolving undisclosed disputes. This agreement led to changes in Bitfarms' Board of Directors, including the resignation of Andrés Finkielsztain and the appointment of Amy Freedman.
The company reported revenues of $70 million, surpassing projections, but the adjusted EBITDA was notably lower than the anticipated $16 million. In the wake of these developments, Needham maintained a Buy rating on Riot Platforms, and Stifel Canada initiated coverage with a Speculative Buy rating.
Riot Platforms also announced the removal of its data center hosting segment from reportable business segments, following the termination of all contracts with the company's data center hosting and colocation customers. These are the latest developments in the company's operations.
InvestingPro Insights
Riot Platforms' impressive Bitcoin production figures for September 2024 are complemented by several key financial metrics from InvestingPro. The company's market capitalization stands at $2.2 billion, reflecting its significant presence in the Bitcoin mining sector.
InvestingPro data shows that Riot's revenue for the last twelve months as of Q2 2024 was $280.02 million, with a revenue growth of 9.21% over the same period. This aligns with the company's increased Bitcoin production and expanded hash rate capacity.
An InvestingPro Tip highlights that Riot holds more cash than debt on its balance sheet, which is crucial for a capital-intensive business like Bitcoin mining. This financial stability supports Riot's ongoing expansion efforts, such as the development of the Corsicana Facility.
Another relevant InvestingPro Tip indicates that analysts anticipate sales growth in the current year. This expectation is consistent with Riot's reported increase in Bitcoin production and its strategic moves to enhance operational efficiency.
It's worth noting that InvestingPro offers 14 additional tips for Riot Platforms, providing investors with a more comprehensive analysis of the company's financial health and market position. These insights can be particularly valuable given the volatile nature of the cryptocurrency mining industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.