Riot Platforms reported a production of 322 Bitcoin in August 2024, a slight drop from July’s 370 Bitcoin. This marks a 13% decline, highlighting the challenges faced by <a href="https://www.cryptoknowmics.com/news/bitcoin-miners-reduce-exchange-transfers-significantly-in-2024/" target="_blank" rel="noopener">Bitcoin miners</a>, including increased energy costs and adjustments after Bitcoin’s halving event earlier this year. Despite the production decrease, the company has managed to hold over 10,000 Bitcoin, representing a 37% increase compared to the same period in 2023.
<h2>Optimizing Energy Costs Amid High Demand</h2>
August is known for being the hottest month in Texas, which increases the energy demand. Riot’s CEO, Jason Les, emphasized that the company focused on optimizing energy costs while contributing power back to the grid. The company’s Texas-based Rockdale facility reported an all-in power cost of $20/MWh, while its Corsicana facility, purchasing energy at real-time spot prices, achieved an all-in power cost of $39/MWh. Riot’s efforts in energy management helped generate power credits, aiding in cost reduction during peak demand periods.
<h2>Expansion Plans and Future Goals</h2>
Riot Platforms remains committed to expanding its mining operations. The company’s average operating hashrate in August was 14.5 EH/s, marking a 224% increase from the previous year. Riot plans to further boost its hashrate with the development of its Corsicana facility, aiming for a third-quarter target of 28 EH/s and a year-end target of 36 EH/s. Additionally, the facility's Phase 1 development is progressing, expected to reach a 1,000 MW mining capacity when fully completed.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Riot Platforms Produces 322 Bitcoin in August 2024, Exceeds 10,000 Bitcoin Held

Riot Platforms reports a 13% drop in August Bitcoin production but reaches over 10,000 BTC held, with a focus on energy optimization and expansion.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Riot Platforms Produces 322 Bitcoin in August 2024, Exceeds 10,000 Bitcoin Held

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