Riot Announces April 2024 Production and Operations Updates; 325 Bitcoin Produced In April
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms, Inc. (NASDAQ:RIOT) announced its April 2024 production and operations updates, highlighting a production of 375 Bitcoin, a decrease from previous months, and significant developments in its mining infrastructure. The company energized its second dedicated Bitcoin mining facility in Corsicana, Texas, and expects to double its hash rate capacity by the end of the year. Riot also detailed its purchase agreements with MicroBT for additional miners, aiming to reach a self-mining hash rate capacity of 41 EH/s by 2025.
May 06, 2024 | 1:06 pm
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Riot Platforms, Inc. announced a decrease in Bitcoin production in April 2024 compared to previous months but is expanding its mining capacity with a new facility in Texas and significant miner purchases.
The decrease in Bitcoin production might initially concern investors, but the strategic expansion and infrastructure development in Corsicana, Texas, along with the purchase of additional miners, indicate a strong growth trajectory for Riot Platforms. The company's efforts to more than double its hash rate capacity by the end of the year and reach 41 EH/s by 2025 suggest a positive outlook for its operational efficiency and future profitability. These developments are likely to be viewed favorably by investors, potentially leading to a positive short-term impact on RIOT's stock price.
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