Riot Mined 470 Bitcoin in February, Up 12% Year-Over-Year
- Riot Platforms mined 470 Bitcoin in February 2025, up 12% year-on-year despite an 11% decline from January.
- The company continues to strengthen its Bitcoin holdings and operating strategies, balancing efficiency gains with market challenges.
Riot Platforms has once again made headlines in the crypto world by announcing that it mined 470 Bitcoin worth $39.6 million in February 2025. This amount of mining is 12% higher than the same period last year, although it is down 11% from January.
However, that's not the only indicator. Riot has also taken significant steps to strengthen its position by increasing its Bitcoin reserves and developing an ambitious financial plan.
Riot shares production and operations updates for February 2025.
“Riot mined 470 Bitcoin in February, with overall production impacted by scheduled maintenance, a sharp drop in production due to high electricity prices due to cold weather and a shortened month,” @JasonLes_ said,…
– Riot Platforms, Inc. (@RiotPlatforms) March 4, 2025
Resilience: Building reserves in the face of growing competition
According to CNF , the company purchased 5,117 bitcoins worth $510 million in December 2024. This move illustrates their commitment to increasing their bitcoin holdings in line with their long-term strategy. Riot also plans to issue $500 million in convertible bonds maturing in 2030.
The move is an attempt to strengthen the company's financial reserves and improve its position in an increasingly competitive market, rather than just a standard fundraising plan.
Riot has some pretty serious challenges, though. One of the main factors limiting power consumption is the extremely cold weather, which causes huge spikes in electricity bills. In addition, a shorter-than-usual February has added to the monthly performance decline. However, continuous improvements in operational efficiency have helped mitigate the impact of these external factors.
Strategic move with new directors
Riot has significantly revamped its leadership and focused on operations and finance. Jamie Leverton, Doug Mouton, and Michael Turner are the new directors appointed by the corporation on February 13, 2025. Two major investors, Starboard Value and DE Shaw, provided comments before the decision was made.
These three figures are not just random appointments. Their experience in overseeing the transformation of bitcoin mining assets to broader uses, including in the areas of artificial intelligence (AI) and high-performance computing (HPC) is well known.
The move suggests that Riot may be preparing for a major move to adopt new technologies to maximize its business outside of crypto mining.
Operational Efficiency and Future Plans
Riot’s Bitcoin production was slightly lower than the previous month, but the company managed to keep its operating costs reasonable. Its electricity bill in February was 3.6 cents per kilowatt hour (kWh). While that’s up 7% from January, it’s still 8% lower than last year. Riot also received $2.8 million in electricity credits, which helped ease the financial burden.
The corporation also noted a sharp increase in its mining capacity. Riot’s total hashrate at the end of February was 33.6 exahashes per second (EH/s), up 171% year-on-year. Confirming their commitment to further development in the sector, the average operational hashrate also showed a 246% increase.
Riot appears to be actively exploring the future of AI and high-performance computing. CEO Jason Les has stated that their Corsicana, Texas facility will have up to 1 gigawatt of power by 2026, creating great opportunities for future growth.
With the Tier 1 data center market in Dallas within reach, Riot may be able to focus on more than just Bitcoin mining and look at other opportunities in the high-performance computing space.
Source: cryptonews.net
