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© Reuters.
CASTLE ROCK, Colo. – Riot Platforms, Inc. (NASDAQ: NASDAQ:), a major mining player, has released its unaudited production numbers for February 2024, noting a decline in Bitcoin production compared to previous months.
The company produced 418 Bitcoin in February, a 20% decrease from January 2024 and a 38% decrease from February 2023.
Bitcoin’s average daily production also fell by 14% month-on-month and 40% year-on-year. Despite the decline in production, the company’s Bitcoin holdings increased by 5% compared to the previous month, reaching 8,067 Bitcoin at the end of February.
Riot CEO Jason Les announced a new order to install 31,500 miners at the Rockdale facility to improve mining efficiency and uptime. This installation 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 expects improved performance following the installation, which is expected to begin in the second quarter and be completed in the third quarter of 2024.
Riot is also making progress in developing its Corsicana facility, with mining capacity expected to reach 400 megawatts in the first phase. The first building of this phase has been completed and the 400 MW substation is scheduled to be commissioned by the end of March 2024, with operations scheduled to begin shortly thereafter.
The company’s hash rate capacity is expected to reach 31 EH/s by the end of 2024, with a total capacity of 41 EH/s expected when fully deployed in 2025.
The company’s recent activities include attending industry conferences and continuing to recruit for various positions throughout the company.
Riot Platforms, with offices in Texas and Colorado, underscores its commitment to having a positive impact on the sectors and communities in which it operates. 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.
This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.
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