Finance

Riot Platforms’ Bitcoin Production Dips 7% in September: How Did Power Costs Surge?

Riot’s Bitcoin production fell 7% in Sept. amid lower power credits; sold 465 BTC for $52.6M.

October 3, 2025, 12:29 PM

Bitcoin mining symbol on industrial cooling towers in a vast, desolate landscape.

Amidst a stark, remote landscape, the imposing industrial cooling towers stand as a symbol of the energy-intensive process of Bitcoin mining. By MDL.

Executive Summary

Riot Platforms reported a 7% month-over-month decrease in Bitcoin production for September 2025, mining 445 BTC.

The company sold 465 BTC in September, generating $52.6 million at an average net price of $113,043 per Bitcoin.

Estimated power-curtailment credits plummeted 91% to $1.4 million, causing a 63% increase in all-in power cost to 4.2 cents per kWh.

The Story So Far

Riot Platforms’ recent operational report indicates a substantial 91% decline in power-curtailment credits, which directly led to a 63% increase in their all-in power costs, thereby impacting Bitcoin production, while the company strategically sold a significant amount of Bitcoin at a high average price to manage its treasury.

Why This Matters

Riot Platforms’ September 2025 report indicates a challenging operational landscape, marked by a 7% decrease in Bitcoin production and a significant 91% drop in power-curtailment credits, which substantially drove up operational costs. This suggests potential pressure on mining profitability despite slight increases in hashrate and efficiency, highlighting the volatility of energy incentives and their critical impact on miner’s financial performance.

Who Thinks What?

Riot Platforms saw a 7% month-over-month decrease in Bitcoin production for September 2025, mining 445 BTC, despite a marginal increase in its deployed hashrate to 36.5 EH/s and improved fleet efficiency.

The company pursued a financial strategy of selling 465 BTC, generating $52.6 million in net proceeds at an average price of $113,043 per Bitcoin, while maintaining its overall Bitcoin holdings at 19,287 BTC.

Riot experienced a significant challenge in power costs, as estimated power-curtailment credits plummeted 91% to $1.4 million, directly contributing to a 63% increase in its all-in power cost to 4.2 cents per kWh.

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.