Despite Freezing Temps and Soaring Power Costs, Bitcoin Mining Firm Riot Posted Lower February Production

The results followed recent heightened volatility in the crypto market. The firm produced 470 Bitcoin, representing an 11% month-on-month decrease compared to January.

Amid freezing temperatures and skyrocketing power, Bitcoin mining firm Riot posted lower production in February compared to January. The results followed recent heightened volatility in the crypto market.

The firm produced 470 Bitcoin, representing an 11% month-on-month decrease compared to January. However, the figure represents a 12% increase year-over-year.

The Nasdaq-listed Bitcoin mining giant maintained its daily average Bitcoin production, dropping just 1% from January. Notably, Bitcoin’s price stumbled, erasing gains sparked by President Trump’s crypto reserve promise.

“Riot mined 470 bitcoin in February, with total production impacted by planned maintenance, elevated curtailment driven by higher power prices as a result of colder weather, and a shortened month,” said Jason Les, CEO of Riot.

“In spite of these factors that impacted total production, ongoing improvements in utilization and operational efficiencies across all our facilities meant that bitcoin produced per day declined by only 1% in February, relative to the prior month.”

The firm mined 470 Bitcoin, a small 9% dip from January’s 527. A shortened month and higher power prices due to cold weather played key roles. Yet, year-over-year, production rose 12% from February 2024’s 418 BTC, showcasing Riot’s growth. The average operating hash rate remained at 29.4 EH/s, a massive 246% leap from last year’s 8.5 EH/s, highlighting that Riot’s infrastructure investments are paying off.

Bitcoin Prices Falter Under Tariff Fears

While Riot flexed its operational muscle, Bitcoin’s market took a hit. The cryptocurrency slid 9% to $81k at the time of publication. Investors had cheered Trump’s January announcement of a U.S. strategic crypto reserve, pushing prices above $85,000. But tariff concerns triggered a sell-off, wiping out those gains, CNBC reported.

Riot is eyeing its Corsicana Facility as a game-changer, tapping into 1.0 gigawatt of power by 2.6 near Dallas, a prime data center hub. This comes as investors are closely watching Friday’s White House Crypto Summit for clarity on the reserve and regulatory signals.

“Our AI/HPC process remains our top priority, and we have been encouraged by the strong demand we see in the market. The Corsicana Facility represents a unique opportunity to access up to 1.0 gigawatt of power by 2026 in near proximity to the Tier 1 data center market of Dallas, Texas, and we will continue to aggressively pursue an outcome that best maximizes the value of Riot’s assets,” Les added.