Riot Announces May 2024 Production And Operations Updates, Produced 215 Bitcoin
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms, Inc. (NASDAQ:RIOT) announced its unaudited production and operations updates for May 2024, revealing a significant decrease in Bitcoin production compared to April 2024 and May 2023. The company produced 215 Bitcoin in May 2024, a 43% decrease month-over-month and a 68% decrease year-over-year. Despite the drop in production, Riot's deployed and operating hash rates showed growth, and the company earned substantial power and demand response credits.
June 04, 2024 | 1:08 pm
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Riot Platforms, Inc. reported a significant decrease in Bitcoin production for May 2024, with a 43% drop month-over-month and a 68% drop year-over-year. However, the company's deployed and operating hash rates increased, and it earned substantial power and demand response credits.
The significant decrease in Bitcoin production is likely to negatively impact Riot's short-term stock price. However, the increase in hash rates and substantial power credits may mitigate some of the negative impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100