Riot Announces October 2024 Production and Operations Updates

Core Insights - Riot Platforms, Inc. produced 505 Bitcoin in October 2024, marking a 23% increase from September 2024 and a 10% increase year-over-year from October 2023 [2][3] - The company's deployed hash rate increased to 29.4 EH/s, reflecting ongoing growth and operational efficiency improvements [3] Production Metrics - Bitcoin produced in October 2024: 505 BTC, compared to 412 BTC in September 2024 and 458 BTC in October 2023, representing a 23% month-over-month increase and a 10% year-over-year increase [2] - Average Bitcoin produced per day in October 2024 was 16.8 BTC, up from 13.7 BTC in September 2024 and 14.8 BTC in October 2023 [2] - Total Bitcoin held by the company as of the end of October 2024 was 10,928 BTC, a 5% increase from September 2024 and a 49% increase from October 2023 [2] Hash Rate and Operational Efficiency - The total deployed hash rate reached 29.4 EH/s, an increase from 28.2 EH/s in September 2024 and significantly up from 11.7 EH/s in October 2023, indicating a 152% year-over-year growth [2] - The average operating hash rate for the total operations was 22.7 EH/s, a 16% increase from September 2024 and a 234% increase from October 2023 [2] Facility Developments - Riot is nearing completion of Phase 1 (400 MW) of the Corsicana Facility, which will ultimately have a total capacity of 1,000 MW [4] - Development of Phase 2 (600 MW) of the Corsicana Facility has commenced, with operations expected to begin in the second half of 2025 [4] Financial Metrics - The company did not sell any Bitcoin in October 2024, compared to 440 BTC sold in October 2023, which generated net proceeds of $12.5 million [2] - Total power credits for October 2024 were estimated at $1.0 million, a decrease of 56% from September 2024 and a 65% decrease year-over-year [2] Upcoming Events - Riot will participate in several investor events, including the Cantor Fitzgerald Crypto, Digital Assets & AI Conference on November 13-14, 2024, and the Roth Capital 13th Annual Technology Conference on November 20, 2024 [5]