Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Riot Platforms (RIOT) reported a 7% month-over-month decrease in Bitcoin production for September 2025, mining 445 BTC compared to 477 BTC in August. The publicly traded Bitcoin miner also sold 465 BTC, generating $52.6 million, while experiencing a significant drop in power-curtailment credits, which drove up its all-in power costs. The update was released on October 3, 2025.
Production and Operations
Average daily Bitcoin production for Riot stood at 14.8 BTC in September, down from 15.4 BTC in the previous month. This marks a notable shift in output for the mining operation.
Despite the production dip, Riot’s deployed hashrate saw a marginal increase, reaching 36.5 EH/s by September 30, up from 36.4 EH/s at the end of August. The average operating hashrate also rose 3% to 32.2 EH/s. As of September 30, Riot held 19,287 BTC, a slight decrease from 19,309 BTC, and also reported 3,300 “restricted bitcoin.”
Financial Activities
The company’s strategic decision to sell 465 BTC in September resulted in net proceeds of $52.6 million. This equates to an average net price of $113,043 per Bitcoin, indicating a focus on treasury management.
Power Metrics and Efficiency
Power-related metrics showed a significant change, with estimated power-curtailment and demand-response credits plummeting 91% to $1.4 million from $16.1 million in August. This substantial decrease directly contributed to a 63% increase in the all-in power cost, reaching 4.2 cents per kWh. However, fleet efficiency improved by 2%, moving to 20.5 J/TH from 21.0 J/TH.
Key Takeaways
Riot Platforms’ September 2025 production update highlights a reduction in Bitcoin mined and a sharp decline in power credits, impacting operational costs. The company continued its sales activities while maintaining a stable hashrate and managing its Bitcoin holdings.
