What's Going On With Bitcoin Miner Riot Platforms Wednesday?

Riot Platforms Inc RIOT shares are in the spotlight this week as the price of Bitcoin BTC/USD continues to rise. The company announced a production update on Wednesday.

What Happened: Bitcoin miner Riot Platforms said it produced 552 Bitcoin in November, up 21% from October and up 6% on a year-over-year basis. November hash rate was 12.4 EH/s. Riot Platforms sold 540 Bitcoin last month and now holds a total of 7,358 Bitcoins. 

"Despite the headwinds of a nearly 9% increase in network difficulty, the ongoing return of hash rate in Building G at our Rockdale Facility and reduced curtailment activity helped drive this strong increase in our production activity," said Jason Les, CEO of Riot Platforms.

Riot announced a long-term purchase agreement with MicroBT in June, which included an initial order of 33,280 Bitcoin miners. The company executed a second order on Dec. 1 for an additional 66,650 miners.

The purchase orders are expected to increase Riot's self mining capacity by 26 EH/s. Riot now anticipates a total self-mining hash rate capacity of 38 EH/s upon full deployment in 2025.

See Also: Bitcoin Jumps To $44,000 Following ADP Data; BitTorrent Emerges As Top Gainer

RIOT Price Action: Riot shares were up 0.41% at $15.20 at the time of publication, according to Benzinga Pro.

Photo: 1595831 from Pixabay.