Riot Platforms Inc (NASDAQ: RIOT) mined 533 bitcoin in March, which marks the high water mark for its production since the reward halving nearly a year ago.
The company made the announcement as part of a Monday press release, indicating that the figure represents a 13 per cent month-on-month increase, and marks 25 per cent more than the same period a year ago. Riot now holds 19,223 BTC.
Beyond those numbers, however, Riot plans to aggressively pursue the development of its Corsicana facility to capitalize on the rising demand for compute infrastructure used in artificial intelligence (AI) and high performance computer (HPC).
Altman Solon, an industry consultant, recently completed a feasibility study confirming the site’s potential for 600 megawatts of additional capacity for AI/HPC applications. The site offers 1.0 gigawatt of secured power, with 400 MW already operational. It also spans 265 acres with development potential and lies near Dallas, a major hub for AI and cloud computing.
The study highlighted the site’s ability to support both inference and cloud-based workloads, boosting its appeal to AI/HPC tenants.
Riot maintained a steady deployed hash rate of 33.7 EH/s.
Furthermore, its average operating hashrate grew 3 per cent month-over-month to 30.3 EH/s, marking a 254 per cent increase year-over-year. Despite seasonal declines in power credits, Riot kept its all-in power cost low at 3.8 cents per kWh. It also improved fleet efficiency to 21.0 J/TH, a 22 per cent improvement from the previous year.
Riot’s shares fell 5.5 per cent on Friday, while the Nasdaq 100 index dropped 2.8 per cent. They have lost 35 per cent year-to-date.
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Riot acquires bankrupt Bitcoin miner
Meanwhile, last month Riot signed a non-binding term sheet for the potentially acquire Rhodium Encore LLC. The acquisition involves specific assets owned by Rhodium, a company that is currently going through bankruptcy. These particular assets are already at Riot’s Rockdale Facility in Texas. Riot’s subsidiary, Whinstone US, is leading the acquisition efforts.
The transaction’s approval depends on a motion to settle under Federal Rule of Bankruptcy Procedure 9019. This motion is filed in Rhodium’s bankruptcy case. If approved, the acquisition could provide Riot with additional assets to enhance its mining capacity. Riot’s Rockdale Facility is already one of the largest Bitcoin mining operations in the U.S.
The proposed acquisition will strengthen Riot’s position in the cryptocurrency mining industry by expanding its infrastructure.
Whinstone will pay USD$185 million to Rhodium to close the deal.
In exchange, Rhodium will transfer ownership of all tangible property at the Rockdale Facility, including ASIC miners. Riot will then absorb Rhodium’s 125 MW of power capacity and the operating assets. This means Riot will take full control of the Rockdale Facility’s power load.
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