What's Going On With Bitcoin Mining Stock Riot Platforms Tuesday?

Shares of Bitcoin BTC/USD miner Riot Platforms Inc RIOT on Tuesday provided a production and operations update.

What Happened: Riot said it produced 215 bitcoins in May, down 68% year-over-year and down 43% compared to April. The lower totals reflect the first full month of reduced block rewards following the April halving.

The company had a total deployed hash rate of 14.7 EH/s at the end of May, up 39% year-over-year. The company said it held a total of 9,084 bitcoin as of the end of the month, up 26% year-over-year.

“Riot made significant progress towards its 2024 hash rate growth targets during the month of May as operations ramped up at our second mining facility outside of Corsicana, Texas. The first 100 MW building at our Corsicana Facility, Building A1, is now fully developed and miner deployment is nearing completion,” said Jason Les, CEO of Riot.

Riot expects to deploy miners at its second 100 MW building at Corsicana, Building A2, beginning in June. At the Rockdale Facility, the company said it has begun deinstalling problematic miner models and deployments of new MicroBT M60S miners have commenced. Deployments of the new M60S miners are expected to accelerate throughout June.

Development for the third building at Corsicana, Building B1, continued on schedule in May with the concrete slab pouring in progress. Installation of immersion tanks is expected to begin during June.

Riot said it expects to achieve a total self-mining hash rate capacity of 31 EH/s by the end of 2024. Upon full deployment in 2025, Riot anticipates a total self-mining hash rate capacity of 41 EH/s.

JPMorgan analyst Reginald Smith maintained Riot with an Overweight rating on Tuesday and lowered the price target from $15.50 to $12.

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RIOT Price Action: Riot shares were roughly flat at $9.65 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.