Riot Platforms has announced that its Bitcoin holdings have exceeded 10,000 BTC, marking a 37% increase compared to the previous year. Despite this achievement, the company reported a 13% decrease in Bitcoin production for August 2024.
Riot produced 322 BTC in August, down from 370 BTC in July, and a decrease from 333 BTC produced in August 2023. Unlike last year, the company did not sell any Bitcoin in August. Rising energy costs and the recent Bitcoin halving have affected mining profitability.
To counter rising energy costs, Riot has focused on optimizing its power usage and has generated power credits. The company's Rockdale facility reported an all-in power cost of $20/MWh, while its Corsicana facility saw a cost of $39/MWh. Riot's average operating hashrate decreased by 7% in August but remains significantly higher compared to the previous year.
Riot is expanding its mining capacity, with Phase 1 of the Corsicana Facility under development, aiming for a total of 1 gigawatt. The company is also increasing its hashrate with new facilities in Kentucky, targeting 28 EH/s by the third quarter and 36 EH/s by year-end.
Riot Platforms, a major shareholder in Bitfarms, has sent an open letter advocating for changes to Bitfarms' board of directors. This follows Bitfarms' acquisition of Stronghold Digital Mining and recent board changes. Bitfarms has responded, emphasizing that Riot's proposed changes are self-serving and unrelated to corporate governance.
