Riot Platforms Stock Rises 3% Following December Mining Update: Holds 17,722 BTC

Riot Platforms, Inc. saw a 3% stock gain after releasing its December 2024 production update, highlighting the company’s strong performance in Bitcoin mining. Riot mined 516 Bitcoin in December, marking a 4% increase from November. The company also announced the completion of the first phase of its Corsicana Facility, which contributed to its growing operations.

As of December 31, Riot held 17,722 BTC, reflecting a 141% year-over-year increase in its Bitcoin holdings. This milestone underscores the company’s commitment to expanding its cryptocurrency assets. Riot’s Bitcoin mining efforts in 2024 were impressive, with the company increasing its deployed hash rate by 155%, significantly outperforming the network’s hash rate growth of 52%. This expansion enabled Riot to mine 4,828 Bitcoin throughout the year at an efficient net power cost of just 3.4 cents per kilowatt-hour.

The company also reported a 39% increase in Bitcoin held per fully diluted share, signaling its ongoing efforts to boost shareholder value.

Riot’s performance has garnered positive attention from analysts. Last week, H.C. Wainwright named the company as one of the “big three” Bitcoin miners, with a prediction that it will outperform competitors in the sector.

These developments reflect Riot’s continued growth in the highly competitive Bitcoin mining industry and its strong position moving into 2025.