Riot Platforms, Inc. (NASDAQ: RIOT), a leading vertically integrated Bitcoin mining company, has released its unaudited production and operational performance for September 2024. The report highlights significant progress in Bitcoin output, hash rate expansion, and strategic infrastructure development — reinforcing Riot’s position at the forefront of the digital asset mining industry.
Record Bitcoin Production in September 2024
In September 2024, Riot successfully mined 412 Bitcoin, marking a 28% increase from August’s 322 BTC and a 14% year-over-year rise compared to 362 BTC in September 2023. This surge translates to an average of 13.7 BTC produced per day, up 32% month-over-month and 14% year-over-year.
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The growth in output is primarily attributed to an expanded average operating hash rate, which reached 19.5 EH/s across all facilities — a 35% increase from August and a staggering 279% jump compared to September 2023. This reflects ongoing improvements in deployment efficiency and infrastructure scalability.
Hash Rate Expansion Across Key Facilities
Riot’s total deployed hash rate climbed to 28.2 EH/s by the end of September, up 20% from 23.5 EH/s in August and more than double the 10.9 EH/s recorded in the same period last year — a 159% year-over-year increase.
This growth was driven by strong performance across three core locations:
- Rockdale, Texas: Deployed hash rate reached 15.0 EH/s, with average operating hash rate at 9.7 EH/s.
- Corsicana, Texas: Deployment accelerated significantly, rising to 11.9 EH/s (from 7.6 EH/s in August), while average operating hash rate hit 8.6 EH/s — a 66% MoM improvement.
- Kentucky: Contributed 1.3 EH/s of deployed capacity and 1.2 EH/s of average operation, reflecting steady integration of new infrastructure.
The rapid deployment at Corsicana followed the successful completion of Building B1, the third 100 MW facility at the site. This milestone brought total power capacity at Corsicana to 300 MW, with Phase 1 (400 MW) nearing completion.
Strategic Power Management and Grid Participation
Riot continues to implement a flexible power consumption model designed to support grid stability while optimizing operational costs.
Throughout September, the company participated in ERCOT’s Four Coincident Peak (4CP) program, voluntarily curtailing operations during periods of peak electricity demand. While this temporarily reduced mining activity, it allowed Riot to earn substantial power curtailment credits and strengthen its role as a responsible energy partner.
Despite these curtailments, production increased — underscoring the effectiveness of Riot’s adaptive mining strategy.
Total power credits for September amounted to **$2.2 million**, down from $6.4 million in August and $13.4 million in September 2023, reflecting seasonal shifts in grid incentives and lower demand response payouts.
All-in Power Cost Analysis
| Location | September 2024 | August 2024 | Trend |
|---|---|---|---|
| Rockdale | 3.5¢/kWh | 2.0¢/kWh | +72% |
| Corsicana | 3.5¢/kWh | 3.9¢/kWh | -12% |
| Kentucky | 4.0¢/kWh | 3.7¢/kWh | +8% |
| Company-wide | 3.5¢/kWh | 2.6¢/kWh | +35% |
Note: Costs are net of power credits and include transmission, distribution, fees, and taxes.
The increase in all-in power cost is largely due to reduced credit earnings from demand response programs rather than higher base energy prices — a trade-off that supports long-term grid partnerships and future cost savings.
Corsicana Facility: Building Momentum Toward Full Phase 1 Completion
Riot’s Corsicana campus remains central to its growth strategy. With Building B1 now fully operational, focus has shifted to Building B2, the final 100 MW structure in Phase 1.
Expected to be completed and fully online by November 2024, Building B2 will enable further hash rate scaling and improved energy efficiency through advanced deployment techniques, including immersion cooling and modular infrastructure design.
Additionally, planned substation maintenance was conducted during the first two days of October, temporarily powering down the Corsicana facility. Operations resumed normally on October 2nd, with no long-term impact on production timelines.
Bitcoin Holdings and Financial Position
As of September 30, 2024, Riot held 10,427 BTC, up 4% from 10,009 BTC at the end of August and a significant 42% increase from 7,327 BTC a year earlier.
Notably, the company did not sell any Bitcoin during September, continuing its strategy of HODLing mined assets to maximize long-term value accumulation.
This disciplined approach strengthens Riot’s financial resilience amid market volatility and positions it favorably for future capital appreciation.
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Frequently Asked Questions (FAQ)
Q: How much Bitcoin did Riot mine in September 2024?
A: Riot mined 412 Bitcoin in September 2024, representing a 28% increase from August and a 14% rise compared to the same month last year.
Q: What is Riot’s current total deployed hash rate?
A: As of September 30, 2024, Riot’s total deployed hash rate reached 28.2 EH/s — a record high and a 159% increase year-over-year.
Q: Why did Riot’s power costs increase in September?
A: The rise in all-in power cost (to 3.5¢/kWh from 2.6¢/kWh) was mainly due to lower power curtailment and demand response credits, not higher energy prices.
Q: Is Riot selling its mined Bitcoin?
A: No, Riot did not sell any Bitcoin during September 2024. The company continues to hold newly mined BTC as part of its long-term asset strategy.
Q: When will Phase 1 of the Corsicana facility be complete?
A: The final building (B2) of Phase 1 is expected to be completed and fully operational by November 2024.
Q: How does Riot contribute to grid stability?
A: Through participation in ERCOT’s 4CP program, Riot voluntarily reduces power usage during peak demand periods, helping stabilize the grid and earning financial credits in return.
Looking Ahead: Growth, Innovation, and Industry Leadership
Riot remains committed to expanding its mining footprint through disciplined capital allocation, technological innovation, and sustainable energy practices. With Phase 1 at Corsicana nearing completion and future phases under planning, the company is well-positioned for continued hash rate growth and operational efficiency gains.
Upcoming investor engagements include:
- BitcoinAmsterdam – October 9–10
- AIM Summit in Dubai – October 21–22
These events provide opportunities to showcase Riot’s progress and vision for building scalable, resilient Bitcoin infrastructure.
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Final Thoughts
Riot’s September 2024 results demonstrate strong execution across all key metrics — from record BTC production and expanding hash rate to strategic energy management and infrastructure development. By aligning profitability with grid reliability and long-term digital asset accumulation, Riot continues to set industry benchmarks in the evolving world of Bitcoin mining.
Forward-looking statements in this article are based on current expectations and involve risks and uncertainties. Actual results may vary.