Riot Platforms Reports 4% Bitcoin Production Growth in December

Highlights:

• Riot Platforms increased Bitcoin production by 4% in December.
• CleanSpark and Core Scientific achieved expanded hash rates and notable Bitcoin mining milestones.
• RIOX ETF provides 200% daily exposure for investors targeting the cryptocurrency mining performance of Riot Platforms.

Riot Platforms has announced a 4% increase in Bitcoin production for December 2024. The company mined 516 BTC in this period. This was higher than the 496 BTC mined in November. Nevertheless, it was lower than the 619 BTC mined in December 2023. 

Bitcoin's network processed $19.2 trillion in transactions last year, according to Riot Platforms' VP Pierre Rochard. Despite a dip from $47.7 trillion in 2021, he believes Bitcoin is both a store of value and a medium of exchange. Rochard predicts that Bitcoin's securitization… pic.twitter.com/oRrV8BYzRB

— Broearn (@broearn) January 7, 2025

By the end of the year, the company had mined a total of 4,828 BTC. Increased efficiency and higher hash rate deployment supported this growth. By the end of December, Riot had amassed 17,722 BTC in reserves. This represents a 142% increase over the same period in 2023.

CEO Jason Les has credited efficient operations to this growth. Meanwhile, Riot also reported a 39% increase in Bitcoin yield per fully diluted share. The increase was driven by efforts by the company to add value to the shareholders.

Corsicana Facility Completes 400 MW Development

The first 400 MW development phase of the Corsicana facility was completed in December 2024. Jason Les confirmed that all systems are now operational. The company took a gradual approach for smooth commissioning of the facility. The Corsicana facility was key to Riot growing their hash rate. The facility reached an operational hash rate of 31.5 EH/s In December. This marks a 155% increase over the same time in 2023.

Riot focused on power quality and grid stability as part of these sustainability initiatives. The company took part in demand response programs to reduce energy spending. These programs also helped the facility maintain reliable operations.

Competitors Achieve Mining Milestones

Other major Bitcoin miners have also made significant achievements. By the end of the year, CleanSpark had completed an operating hash rate of 39.1 EH/s. The company mined 668 BTC in December. It also expanded its operations to three new states. The company aims to increase its hash rate to 50 EH/s by mid-2025.

📈 CleanSpark’s Bitcoin stash climbs to 9,952 #BTC as hashrate grows.#BlueBit #Exchange #BTC #CleanSpark#Blockchain #Business #Mining #Tesla pic.twitter.com/e25C2Kkpcg

— BlueBit.io (@Bluebit_io) January 7, 2025

Core Scientific also reported notable results in December. The self-mining fleet of the company, running at 19.1 EH/s, mined a total of 291 BTC. In addition, Core Scientific hosted additional miners for clients. The additional miners produced an extra 18 BTC. The company carried out energy efficient operations all year.

The success of the mining companies comes as more institutions continue to buy Bitcoin. Recently, Microstrategy acquired 1,070 BTC while KULR acquired an additional 213.4 BTC.

RIOX ETF Highlights Market Impact

Defiance ETFs recently launched RIOX, a 2X long ETF for Riot Platforms. This ETF offers the leveraged performance of Riot mining. With this plan, investors can multiply their investment in the cryptocurrency mining sector.

Big news for $RIOT and the Bitcoin mining stocks!$RIOX is the first 2x leveraged Bitcoin mining ETFs to ever debut on Wall Street.

This is a wonderful sign that lots of capital will pour into $BTC miners in 2025.

Demand is soaring. When Defiance launched $MSTX, a 2x leveraged… pic.twitter.com/C4UQUeKBe9

— Tarik Pierce (@tarikjpierce) January 5, 2025

Defiance ETFs CEO Sylvia Jablonski said the ETF is an attractive option for investors. The ETF aims to provide investors with unique opportunities in the blockchain and mining industry. It is intended for experienced investors who actively track their portfolios. It aims to give 200% daily exposure to the performance of Riot. Nevertheless, the fund is leveraged, which means it carries risks.