Riot Platforms, Inc. (NASDAQ: RIOT), a leading vertically integrated Bitcoin mining company, has released its unaudited production and operational highlights for July 2024. The report underscores significant progress in hash rate deployment, Bitcoin output, and strategic expansion into new energy markets—particularly through its recent acquisition in Kentucky.
Record Bitcoin Production and Hash Rate Growth
In July 2024, Riot successfully mined 370 Bitcoin, marking a 45% increase compared to June’s 255 BTC and reflecting strong momentum from recent infrastructure upgrades. On a daily average, the company produced 11.9 BTC, up 40% month-over-month, despite a 10% year-over-year decline due to broader network adjustments and evolving mining difficulty.
The growth is largely attributed to accelerated deployment at Riot’s Corsicana Facility in Texas, where performance from immersion cooling systems and MicroBT miners continues to exceed expectations. As commissioning advances and full cooling capacity comes online, operational efficiency is expected to rise further.
As of the end of July, Riot’s total deployed hash rate reached 23.3 EH/s, up 6% from June’s 22.0 EH/s and a staggering 118% increase year-over-year. This includes:
- 14.7 EH/s at Rockdale (stable month-over-month)
- 7.6 EH/s at Corsicana (up 4%)
- 1.0 EH/s now live in Kentucky following the Block Mining acquisition
The average operating hash rate also surged to 15.5 EH/s, a 37% jump from June and nearly triple the rate from July 2023 (5.4 EH/s). This metric reflects actual mining output after accounting for maintenance, grid curtailments, and system optimization.
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Strategic Expansion into Kentucky
A major highlight of July was Riot’s acquisition of Block Mining, a private, vertically integrated Bitcoin miner operating in Kentucky. This move not only adds immediate capacity but opens a new geographic and energy market for Riot’s operations.
Key benefits of the acquisition include:
- Immediate addition of 1.0 EH/s self-mining capacity
- Access to 60 MW of operational power infrastructure, with potential to scale beyond 300 MW
- Entry into MISO (Midcontinent Independent System Operator) energy markets, diversifying Riot’s grid participation
- Accelerated path toward 5 EH/s hash rate capacity in Kentucky by year-end
Riot has already begun integrating Block Mining’s team and operations, with plans to rapidly expand using existing power capacity. The acquisition directly supports Riot’s goal of becoming a more resilient, geographically diversified mining operator.
Infrastructure Development: Corsicana Facility Advances
Riot continues construction on its next-generation mining hub—the Corsicana Facility—which is poised to become the world’s largest Bitcoin mining site by developed capacity upon full buildout.
Current Progress:
- Buildings A1 and A2: Fully energized and operational
- Building B1: Miner deployment and energization ongoing
- Building B2: Under construction; deployment expected to begin in September
The facility’s initial phase will deliver 400 MW of mining capacity, powered by a newly energized substation. This phase alone is expected to contribute 16 EH/s to Riot’s self-mining capacity by the end of 2024.
When fully developed, Corsicana will reach 1 gigawatt (1,000 MW) in total capacity—solidifying Riot’s position as a dominant player in large-scale digital infrastructure.
Power Strategy and Grid Collaboration
Riot operates as a flexible energy consumer, aligning its power usage with grid stability and cost-efficiency. By reducing load during peak demand periods, Riot supports grid reliability while benefiting from financial incentives.
July Power Highlights:
Total Power Credits: $3.4 million (down 35% MoM due to fewer curtailment events)
- Power Curtailment Credits: $3.2 million
- Demand Response Credits (ERCOT & MISO): $0.2 million
While credit earnings declined compared to previous months—a result of seasonal variations in demand spikes—Riot remains actively engaged in ERCOT’s Four Coincident Peak (4CP) Program. During July, the company curtailed operations during critical peak periods, helping prevent grid strain and securing long-term savings on future power costs.
This collaborative approach strengthens Riot’s relationship with grid operators and reinforces its role as a responsible energy partner.
Rising Costs Amid Expansion
With rapid growth comes increased operational costs. The all-in power cost across Riot’s portfolio rose to 3.4 cents/kWh in July, up from 2.6 cents/kWh in June and 1.6 cents/kWh in July 2023.
Breakdown by site:
- Rockdale: 3.0¢/kWh (up 26% MoM)
- Corsicana: 3.9¢/kWh (up 5%)
- Kentucky: 3.6¢/kWh (initial estimate)
These increases reflect higher base rates, transmission fees, and temporary inefficiencies during facility ramp-up. However, management expects costs to stabilize as systems mature and economies of scale take effect.
Bitcoin Holdings and Financial Position
Riot did not sell any Bitcoin during July 2024, maintaining a strict hold strategy. Total holdings grew to 9,704 BTC, up 4% from June and a 33% increase year-over-year.
This accumulation strategy underscores confidence in Bitcoin’s long-term value and Riot’s ability to operate profitably even amid rising input costs.
Projected Hash Rate Growth Through 2025
Following the Block Mining acquisition, Riot has revised its growth outlook:
| Year | Deployed Hash Rate Guidance |
|---|---|
| End of 2024 | Upgraded to 36 EH/s (from 31 EH/s) |
| Full Deployment in 2025 | Now projected at 56 EH/s |
This trajectory positions Riot among the fastest-scaling miners globally, driven by organic development at Corsicana and strategic acquisitions like Block Mining.
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Frequently Asked Questions (FAQ)
Q: Why did Riot produce less Bitcoin in July 2024 compared to July 2023?
A: While total production decreased slightly year-over-year (from 410 to 370 BTC), this reflects higher network difficulty and strategic curtailments for grid stability. Month-over-month growth remains strong at +45%.
Q: What is the significance of the Block Mining acquisition?
A: It expands Riot’s footprint into Kentucky with immediate access to 60 MW of power and a clear path to 5 EH/s. It also diversifies operations across multiple grid regions (ERCOT and MISO).
Q: How does Riot benefit from participating in demand response programs?
A: By voluntarily curtailing operations during peak demand, Riot earns power credits that reduce overall energy costs and strengthen partnerships with grid operators.
Q: Is Riot selling Bitcoin?
A: No. In July 2024, Riot sold zero Bitcoin. The company continues to accumulate BTC as part of its long-term treasury strategy.
Q: When will the Corsicana Facility be complete?
A: Phase 1 (400 MW) is progressing steadily, with Building B2 deployment starting in September. Full development to 1 GW will occur over several years.
Q: How does immersion cooling improve mining efficiency?
A: Immersion cooling allows miners to run at optimal temperatures, reducing downtime and hardware degradation—key factors in maximizing uptime and hash rate output.
Core Keywords
Bitcoin mining, hash rate growth, Riot Platforms, BTC production, Corsicana Facility, energy efficiency, Kentucky expansion, Bitcoin holdings
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