Riot Announces February 2024 Production And Operations Updates; 418 Bitcoin Produced
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms, Inc. (NASDAQ:RIOT) reported its February 2024 production and operations updates, highlighting a decrease in Bitcoin production compared to previous periods. The company produced 418 Bitcoin in February, a decrease from January 2024 and February 2023. Riot also announced a new purchase order with MicroBT for 31,500 miners to enhance efficiency at its Rockdale Facility, expecting to increase its mining capacity to 15.1 EH/s. Additionally, Riot is developing a new Corsicana Facility with a future capacity of 1 gigawatt, expecting to achieve a total self-mining hash rate capacity of 31 EH/s by the end of 2024 and 41 EH/s upon full deployment in 2025.
March 05, 2024 | 2:16 pm
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NEUTRAL IMPACT
Riot Platforms, Inc. reported a decrease in Bitcoin production in February 2024 but is expanding its mining capacity with new miner orders and the development of the Corsicana Facility.
The decrease in Bitcoin production could be seen negatively by investors in the short term. However, the strategic investments in new mining equipment and the development of the Corsicana Facility are likely to enhance Riot's mining efficiency and capacity in the long term. The mixed impact of decreased production and strategic expansion efforts leads to a neutral short-term score.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100