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Riot Platforms (NASDAQ:RIOT) is flexing its Bitcoin mining muscle, closing out December 2024 with 516 Bitcoin mineda 4% bump from November. Sure, it's down 17% from December 2023, but here's the kicker: Riot's Bitcoin stash exploded to 17,722, marking a jaw-dropping 141% jump from last year. CEO Jason Les credits the company's operational upgrades and smart acquisitions, including 5,784 Bitcoin picked up just last month. Their hash rate? A whopping 31.5 EH/s by December's enda 155% spike year-over-year. Simply put, Riot is crushing it.
And it's not just about numbers. Riot wrapped up the first 400 MW phase of its Corsicana Facility, a move that cements its status as a power player in Bitcoin mining. Les doubled down on the company's commitment to the electrical grid, prioritizing quality over speed as new hash rate systems come online. Across 2024, Riot mined a total of 4,828 Bitcoin at a ridiculously efficient net power cost of 3.4 cents per kWh. Even better, their Bitcoin yield per share shot up by 39%, giving shareholders something to smile about heading into 2025.
But wait, there's more. Riot's partnership with Coinbase (NASDAQ:COIN) is turning heads, and a fresh $500 million in raised funds shows they're not slowing down. That cash is fueling more Bitcoin buys and corporate growth initiatives. With analysts projecting a solid 32% revenue climb for 2025, Riot isn't just mining Bitcoinit's mining value for investors. Keep an eye on this one; it's shaping up to be a serious heavyweight in the crypto arena.
This article first appeared on GuruFocus.