© Reuters.
CASTLE ROCK, Colorado – Riot Platforms, Inc. (NASDAQ:NASDAQ:), a key player in mining, has revealed its unaudited production figures for February 2024, noting a decline in Bitcoin production compared to the months previous.
The company produced 418 Bitcoin in February, a 20% drop from January 2024 and a 38% decline from February 2023.
Bitcoin's average daily production also fell 14% month over month and 40% year over year. Despite the drop in production, the company's Bitcoin holdings increased 5% from the previous month, reaching 8,067 Bitcoin at the end of February.
Riot CEO Jason Les announced a new purchase order for 31,500 miners to be installed at the Rockdale facility, with the goal of improving mining efficiency and uptime. This facility is expected to increase the facility's hash rate capacity to 15.1 EH/s, with 17,000 of the miners replacing underperforming units.
The company anticipates improved performance following the installation, which is scheduled to begin in the second quarter and conclude in the third quarter of 2024.
Riot is also moving forward with the development of its Corsicana facility, with the first phase expected to offer 400 megawatts of mining capacity. The first construction of this phase has been completed and the 400 MW substation is scheduled to be energized by the end of March 2024, with operations to begin shortly thereafter.
The company's hash rate capacity is projected to reach 31 EH/s by the end of 2024, with an anticipated total capacity of 41 EH/s when fully deployed in 2025.
The company's recent activities include participating in industry conferences and continuing to hire for various positions throughout the organization.
Riot Platforms, with operations in Texas and Colorado, emphasizes its commitment to positively impact the sectors and communities it serves. The company's strategy focuses on vertically integrated Bitcoin mining and digital infrastructure.
This article is based on a press release from Riot Platforms, Inc.
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