Riot Platforms, a leading U.S. Bitcoin mining firm, announced robust production figures for June, mining 450 Bitcoin (BTC) valued at approximately $49.26 million at current market prices. This marks a significant 76% increase year-over-year compared to the 255 BTC mined in June 2024, though it represents a 12% decrease from May’s production of 514 BTC.
The company’s latest release on Thursday confirmed that June was the third consecutive month of Bitcoin mining activity since Riot restarted operations in April, following a hiatus that began in January. During that period, Riot strategically diverted a portion of its power capacity at its Corsicana, Texas facility toward artificial intelligence (AI) and high-performance computing (HPC) uses, aiming to diversify its revenue streams amid increasing competition in the Bitcoin mining sector.
Riot Platforms now holds a substantial 19,273 BTC. In June, the firm also sold $41.7 million worth of Bitcoin.
Riot’s CEO, Jason Les, highlighted the company’s proactive approach to energy management, especially as the Electric Reliability Council of Texas (ERCOT) commenced its Four Coincident Peak (4CP) program. This program is designed to balance the Texas power grid during peak summer months by incentivizing large energy consumers to reduce their consumption during critical periods. Riot earned mining credits from ERCOT by participating in this program.
“Riot mined 450 Bitcoin in June, which also represented the start of ERCOT’s Four Coincident Peak program,” Les stated. “Riot’s power strategy, which includes economic curtailment and voluntary participation in the 4CP and other demand response programs, significantly contributes to grid stability while enhancing Riot’s competitive positioning.”
This strategic shift into AI and HPC aligns with a broader trend among Bitcoin miners seeking to leverage their substantial power infrastructure for additional revenue streams. Riot has been actively exploring opportunities to develop non-Bitcoin related data centers for hyperscale and enterprise clients, utilizing its existing power assets. The company recently appointed a Chief Data Center Officer to lead this diversification effort.
Riot Platforms is recognized as one of the largest cryptocurrency miners globally, albongside firms like Core Scientific and Marathon Digital Holdings. As of Thursday’s trading, RIOT shares were valued at $12.20 on Nasdaq, giving the company a market capitalization of approximately $4.36 billion. Bitcoin itself was trading around $109,400 at the time of publication.
