Riot Platforms’ Bitcoin mining output drops by 16% in January

Connor Brooke

CryptocurrencyBlog
Bitcoin

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Riot Platforms (NASDAQ:RIOT) reported mining 520 bitcoin (BTC-USD) in January, a 16% decrease from the previous month and a 30% reduction compared to the same period last year, as stated in the firm’s monthly production and operations update on Monday.

During the month, Riot Platforms sold 212 bitcoins (BTC-USD) at an average net price of $44,860, totaling net proceeds of $9.5 million. This represents a decrease from the 590 BTC sold in December and the 700 BTC sold in January of the previous year.

By the end of January, Riot Platforms had accumulated 7,648 bitcoins (BTC-USD), valued at approximately $327 million at the current market price.

The company’s operational hash rate capacity remained steady at 12.4 exahashes per second (EH/s) at the close of January, consistent with December’s figures but an increase from 9.3 EH/s a year earlier.

Bitcoin

Riot Platforms reported earning $3.3 million from power and demand response credits, a significant increase from $0.5 million in December and $0.9 million from the previous year.

Looking forward, Riot Platforms anticipates reaching a self-mining hash rate capacity of 29 EH/s by the end of 2024.

Shares of Riot Platforms fell by 5.4% in Monday morning trading, alongside a slight 0.2% decrease in the bitcoin (BTC-USD) price to $42.8K.