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CASTLE ROCK, Colo. - Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT), a $4.02 billion market cap player in vertically integrated Bitcoin mining, has disclosed its unaudited production and operations updates for November 2024. According to InvestingPro analysis, the company is currently trading slightly below its Fair Value, with notably high volatility (Beta: 4.08). The company reported mining a total of 495 Bitcoin, marking a 2% decrease from the previous month and a 10% decrease from November 2023.
The average daily production of Bitcoin slightly increased to 16.5 from 16.3 in October 2024, despite a significant rise in network difficulty. The company's Bitcoin holdings increased by 5% month-over-month, reaching 11,425 BTC. Notably, no Bitcoin sales occurred in November 2024, maintaining the company's accumulation strategy. InvestingPro data reveals that Riot maintains a strong liquidity position with a current ratio of 5.68, and holds more cash than debt on its balance sheet, supporting its accumulation strategy.
Riot's operational hash rate capacity demonstrated a 5% growth, reaching a total deployed hash rate of 30.8 exahashes per second (EH/s) across its facilities in Rockdale, Corsicana, and Kentucky. The average operating hash rate for November exhibited a more robust increase of 13% month-over-month, totaling 25.8 EH/s.
The company's hash rate growth is attributed to the deployment of new miners and ongoing operational improvements. CEO Jason Les highlighted the stability in production and the operational advancements, which have resulted in increased hash rate utilization.
In terms of power efficiency, Riot has achieved a reduction in its fleet efficiency, with a current rate of 22.3 joules per terahash (J/TH), representing a 19% improvement year-over-year. The all-in power cost across all sites remained stable at approximately 3.8 cents per kilowatt-hour, net of total power credits.
This news comes ahead of a series of investor events Riot is set to attend in December, including the B. Riley Securities Energy Convergence Conference and the Bitcoin MENA in Abu Dhabi.
Riot Platforms continues to recruit for various positions within the company, reflecting its ongoing expansion efforts in the Bitcoin mining sector. The company maintains a commitment to positively impacting the sectors, networks, and communities it engages with through innovation and community partnerships. Recent InvestingPro data shows the stock has delivered a significant 8.33% return over the past week, reflecting market confidence in its strategy. Subscribers can access 15 additional ProTips and comprehensive analysis through the Pro Research Report, offering deeper insights into Riot's financial health and growth prospects.
The information reported is based on a press release statement from Riot Platforms, Inc.
In other recent news, B. Riley Financial updated its stock price targets for digital mining companies Bitfarms Ltd., HIVE Digital Technologies Ltd., and Stronghold Digital Mining, Inc. following a surge in Bitcoin value. The firm maintains a 'Buy' rating for these stocks. Stronghold Digital Mining recently reported a decline in Bitcoin production and revenue for Q3 2024 and announced a pending merger with Bitfarms.
Riot Platforms, Inc. experienced a cut in its target price from $18 to $13 by Compass Point due to a disappointing third-quarter earnings report. Despite this, analysts maintain a Buy rating, anticipating improvements in the company's cost structure and benefits from higher Bitcoin prices. Riot Platforms also reported a significant increase in Bitcoin production for October 2024, attributed to an expansion in the deployed hash rate at the Corsicana Facility.
Compass Point reduced the price target for Riot Platforms to $13.00 from the previous $18.00, while keeping a Buy rating on the shares. The adjustment follows Riot's announcement of disappointing third-quarter earnings for 2024, which fell short of expectations. However, the analyst sees potential for Riot to improve its cost structure and benefit from higher Bitcoin prices leading into 2025.
On the other hand, H.C. Wainwright maintained a Buy rating on Riot Platforms with a $17.00 price target, acknowledging Riot's mixed third-quarter results. Despite underperformance within its sector in 2024, the firm suggests that the company's rapid growth in deployed capacity and recent operational efficiency improvements position it favorably.
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