CASTLE ROCK, Colo. - Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT), a prominent player in Bitcoin mining with a market capitalization of $4.1 billion, disclosed its unaudited production and operational metrics for December 2024, noting a production of 516 Bitcoin, a 4% increase from November 2024. Despite this monthly rise, the figure represents a 17% decrease from December 2023. According to InvestingPro data, the company’s stock has shown significant momentum with a 17.5% return over the past week.
The company’s average daily Bitcoin production in December edged up to 16.6 from 16.5 in November. Riot’s Bitcoin holdings surged to 17,722 by the end of December, a significant 141% jump compared to the previous year’s end, driven by both mining operations and strategic acquisitions, including 5,784 Bitcoin added in December alone. InvestingPro analysis reveals that Riot maintains a strong financial position with a current ratio of 5.68, indicating robust liquidity to support its operations.
Riot’s total deployed hash rate, a measure of the computational power used to mine and process Bitcoin transactions, reached 31.5 exahashes per second (EH/s) by December’s end, marking a 3% increase from November and a substantial 155% year-over-year growth.
The company’s average operating hash rate also rose across its facilities, with the most significant monthly increase observed in its Kentucky operations, which saw a 38% jump. The total average operating hash rate for December stood at 27.4 EH/s, a 6% improvement from the previous month and a 220% increase from December 2023.
Riot’s all-in power cost, which includes all expenses related to electricity consumption, was reported at an average of 3.8 cents per kilowatt-hour (c/kWh) for December, remaining stable compared to November and reflecting a 7% decrease from the same period last year.
In operational advancements, Riot’s CEO, Jason Les, highlighted the completion of the final systems at the Corsicana Facility, concluding the first 400 megawatt development phase. Les also emphasized the company’s commitment to the electrical grid’s stewardship, which has slightly delayed some hash rate from coming online.
Throughout 2024, Riot mined a total of 4,828 Bitcoin at an all-in net power cost of 3.4c/kWh, and by the year’s end, the Bitcoin yield per fully-diluted Riot share had increased by 39%. With analysts forecasting 32% revenue growth for the current year, InvestingPro subscribers can access 16 additional key insights and a comprehensive Pro Research Report, helping investors make informed decisions in this volatile sector (Beta: 4.22).
This article is based on a press release statement from Riot Platforms, Inc.
In other recent news, Riot Platforms has signed a prime broker agreement with Coinbase (NASDAQ:COIN) and made significant strides in the cryptocurrency market. The Nevada-based finance services company has also increased its Bitcoin holdings by approximately 5,117 Bitcoins, bringing its total to 16,728. This acquisition was financed through the net proceeds of Riot’s 0.75% convertible senior notes due in 2030, supplemented by available cash reserves.
Riot Platforms has also announced plans to raise $500 million through a private offering of convertible senior notes due 2030, with the proceeds intended for further Bitcoin acquisitions and other corporate purposes. Piper Sandler recently initiated coverage on Riot Platforms, assigning the company an Overweight rating, and setting a price target of $23.00. InvestingPro analysts project a strong 32% revenue growth for the current year for Riot Platforms.
Despite a decrease in Bitcoin production in November 2024, Riot Platforms reported an increase in their operational hash rate capacity. The company also entered into a comprehensive agreement with Coinbase, a leader in digital currency exchange, which includes trade execution, asset storage, lending, and post-trade credit services. Riot Platforms maintains a strong financial position with more cash than debt and a healthy current ratio of 5.68, suggesting robust liquidity to support these strategic moves. These are the recent developments for Riot Platforms.
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