Riot Platforms, Inc. (NASDAQ: RIOT), a leading vertically integrated Bitcoin mining company, has released its unaudited production and operational performance data for October 2024. The report highlights significant growth in Bitcoin output and hash rate deployment, reinforcing the company’s position as a key player in the digital asset mining sector.
Record Bitcoin Production in October 2024
In October 2024, Riot successfully mined 505 Bitcoin, marking a 23% increase from September’s 412 BTC and a 10% year-over-year rise compared to October 2023. This achievement represents a new post-halving production milestone for the company.
The average daily Bitcoin production reached 16.8 BTC, up from 13.7 BTC in the previous month and 14.8 BTC during the same period last year—an improvement of 23% month-over-month and 14% year-over-year.
👉 Discover how top-tier mining efficiency drives record Bitcoin output
Strategic Hash Rate Expansion
Riot’s total deployed hash rate climbed to 29.4 EH/s by the end of October 2024, a 5% increase from 28.2 EH/s in September and a remarkable 152% surge compared to 11.7 EH/s in October 2023.
This growth was primarily driven by new deployments of next-generation MicroBT mining rigs at the Corsicana facility in Texas. The breakdown of deployed hash rates includes:
- Rockdale, TX: 15.0 EH/s (stable month-over-month)
- Corsicana, TX: 13.0 EH/s (+10% MoM)
- Kentucky: 1.4 EH/s (+11% MoM)
Additionally, the average operating hash rate across all sites reached 22.7 EH/s, up 16% from September and more than triple the 6.8 EH/s recorded in October 2023.
Operational Efficiency and Power Management
While hash rate and production have grown significantly, Riot continues to focus on optimizing power usage and cost efficiency.
Power Costs and Credits
The company’s all-in power cost—factoring in transmission, distribution, fees, and taxes, net of power credits—rose slightly to 3.9 cents per kWh, up from 3.5 cents in September and 3.3 cents in October 2023.
Key regional costs include:
- Rockdale: 4.0¢/kWh
- Corsicana: 3.6¢/kWh
- Kentucky: 4.1¢/kWh
Total power credits dropped to **$1.0 million**, down from $2.2 million in September, due to reduced power curtailment credits ($0.3M vs $1.9M) despite an increase in demand response credits ($0.7M vs $0.3M).
Corsicana Facility: Phase 1 Nearing Completion
Riot is on track to complete Phase 1 (400 MW) of its Corsicana mining facility in Texas. Once fully developed, the site is expected to support up to 1 gigawatt (1,000 MW) of mining capacity—making it one of the largest Bitcoin mining operations in North America.
Construction of Phase 2 (600 MW) has officially commenced, with long-lead electrical infrastructure components already ordered. Initial operations for Phase 2 are expected to begin in the second half of 2025.
This expansion underscores Riot’s commitment to scaling infrastructure efficiently while maintaining high operational uptime and energy optimization.
👉 See how next-gen mining infrastructure powers large-scale Bitcoin operations
Financial and Strategic Outlook
Riot continues to strengthen its Bitcoin reserves without selling any BTC during October 2024. The company now holds 10,928 Bitcoin, a 5% increase from September and a 49% rise year-over-year.
Notably, no Bitcoin was sold in October, contrasting with October 2023 when the company sold 440 BTC for $12.5 million at an average net price of $28,408 per coin.
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FAQ: Common Questions About Riot’s October 2024 Performance
Q: Why did Riot’s Bitcoin production increase in October 2024?
A: The 23% month-over-month growth was driven by increased hash rate deployment—especially at the Corsicana facility—and improved operational efficiency through next-generation miners and infrastructure upgrades.
Q: Did Riot sell any Bitcoin in October 2024?
A: No, Riot did not sell any Bitcoin during the month. The company continues to hold and accumulate BTC as part of its long-term strategy.
Q: What is the significance of the Corsicana Phase 2 development?
A: Phase 2 adds 600 MW to the existing 400 MW under development, bringing total planned capacity to 1 GW. This positions Riot for substantial future hash rate growth and production scalability.
Q: How does power cost affect mining profitability?
A: Lower all-in power costs directly improve profit margins. While Riot’s cost rose slightly to 3.9¢/kWh, it remains competitive due to strategic site locations and participation in demand response programs that offset expenses.
Q: Is Riot expanding beyond Texas?
A: Yes, Riot operates mining sites in both central Texas (Rockdale and Corsicana) and Kentucky, with ongoing investments in infrastructure and self-mining hosted capacity across multiple locations.
Q: When will Phase 2 of Corsicana be operational?
A: The first buildings in Phase 2 are expected to come online in the second half of 2025, following delivery and installation of critical electrical components.
Upcoming Investor Events
Riot leadership will participate in several key industry events this November:
- Cantor Fitzgerald Crypto, Digital Assets & AI Conference – Miami, FL (November 13–14)
- Roth Capital 13th Annual Technology Conference – New York, NY (November 20)
- North American Blockchain Summit – Dallas, TX (November 20–21)
These engagements provide opportunities to discuss strategic developments, financial performance, and long-term vision with investors and industry stakeholders.
Company Vision and Mission
Riot Platforms envisions becoming the world’s leading Bitcoin-driven infrastructure platform. The company’s mission centers on positively impacting networks and communities through innovation, sustainability, and strong partnerships.
With operations spanning Bitcoin mining in Texas and Kentucky and electrical engineering capabilities in Denver, Colorado, Riot maintains a vertically integrated model that enhances control over efficiency, uptime, and scalability.
👉 Explore how vertical integration strengthens modern Bitcoin mining operations
Final Thoughts
Riot’s October 2024 update reflects strong momentum in both production and infrastructure development. With record Bitcoin output, expanding hash rate capacity, and continued investment in next-generation facilities like Corsicana, the company is well-positioned for sustained growth through 2025 and beyond.
As the digital asset ecosystem evolves, Riot remains focused on operational excellence, cost-efficient power management, and long-term value creation for shareholders—all while contributing to the security and decentralization of the Bitcoin network.