Riot Platforms, a U.S. Bitcoin miner, recently shared its production and operational updates for December. The company reported that it mined 516 Bitcoin in December, which is a 4% increase from the 495 Bitcoin it mined in November.

This boost in output comes as Riot continues to expand its mining infrastructure. A big part of this expansion is the development of its Corsicana Facility in Texas. In December, Riot completed the first 400 MW phase of this facility, marking a key milestone in its growth plans.

Even though all systems are now operational, Riot is taking a careful approach to commissioning the facility. CEO Jason Les stated, “We’re pleased to announce that we’ve finished installing the final systems at the Corsicana Facility. While everything is set up and miners are installed, we’re following a measured process to ensure power quality. This commitment helps us be responsible stewards of the electrical grid, which has delayed some hash rate from coming online.”

While December’s production increased compared to November, it actually dropped 17% year over year. In December 2023, the company mined a total of 619 Bitcoin. The average daily production also fell from 20 Bitcoin in 2023 to 16.5 Bitcoin in 2024.

By the end of 2024, Riot Platforms reported owning 17,722 BTC, a 141% increase from December 2023. This growth is largely due to Riot’s strategic purchases of Bitcoin. These acquisitions have also boosted the company’s shareholder value, leading to a 39% increase in Bitcoin yield per fully diluted share.

In December alone, Riot made several significant Bitcoin purchases. On December 12, it was revealed that Riot acquired 5,117 Bitcoin for $510 million. Later in the month, the company announced another purchase of 667 Bitcoin worth $69 million, at an average price of $101,135 per BTC.

Riot isn't the only company making moves in the Bitcoin space. Companies like Marathon Digital and MicroStrategy are also making similar acquisitions. Additionally, Riot announced plans to raise $500 million through a private offering of convertible senior notes due in 2030 to buy more Bitcoin. Following this announcement, the company’s shares rose nearly 5%, trading at $12.88.

Earlier in 2024, Riot secured a 9.25% stake in Canadian miner Bitfarms as a strategic move to maintain economic viability after the Bitcoin halving.

A key factor contributing to Riot’s growth is the impressive 155% surge in its hash rate for 2024. This metric shows how efficiently the company can mine Bitcoin. During the same period, the network’s hash rate increased by 52%.

Les added, “In 2024, we increased our deployed hash rate by 155%, which outpaced the network’s growth of 52%. As a result, we mined a total of 4,828 Bitcoin during 2024 at an all-in net power cost of 3.4 cents per kWh.”