Efficiency Gains Lead the Story in Riot’s November 2025 Update
Riot Platforms has published its November 2025 operational figures, highlighting a meaningful improvement in mining efficiency and hash rate even as its total Bitcoin output showed a modest decline. With expansion efforts underway and energy cost advantages maintained, what does the data reveal about the company’s evolving strengths?
Bitcoin Output Dips—But Mining Efficiency Improves
In November 2025, Riot mined 428 Bitcoins—down 2% from the previous month and 14% lower year-over-year. Despite this drop, the company’s average Bitcoin produced per day inched up by 1% compared to October, signaling more consistent production.
More telling, Riot’s mining fleet has grown substantially more efficient, achieving a fleet efficiency of 20.5 J/TH—a notable 8% improvement over last November. Meanwhile, the company’s deployed hash rate held steady month-over-month at 36.6 EH/s, representing a 19% jump from a year ago. Average operating hash rate climbed 4% in just one month and is now up 34% year-on-year, signaling steady technical advancement even as the overall market navigates tighter conditions.
| Metric | November 2025 | October 2025 | November 2024 | Month/Month % | Year/Year % |
|---|---|---|---|---|---|
| Bitcoin Produced | 428 | 437 | 495 | -2% | -14% |
| Average Daily Production | 14.3 | 14.1 | 16.5 | 1% | -14% |
| Fleet Efficiency (J/TH) | 20.5 | 20.5 | 22.3 | 0% | -8% |
| Deployed Hash Rate (EH/s) | 36.6 | 36.6 | 30.8 | 0% | 19% |
| Average Operating Hash Rate (EH/s) | 34.6 | 33.2 | 25.8 | 4% | 34% |
Financials Show Strategic Shifts: Inventory, Sales, and Power Economics
Riot’s Bitcoin reserves continued to grow, with 19,368 Bitcoins held—a 70% leap year-over-year and little changed since last month. While the number of Bitcoins sold fell 4% in November, the net proceeds dropped by a sharper 20% due to a 16% slide in the average sale price per Bitcoin to $96,560.
The company continues to benefit from energy market dynamics, earning $2.3 million in power credits (up 76% from last year) and achieving an all-in power cost of just 4.0c/kWh—a competitive edge in a cost-driven industry.
| Metric | November 2025 | October 2025 | November 2024 | Month/Month % | Year/Year % |
|---|---|---|---|---|---|
| Bitcoin Held | 19,368 | 19,324 | 11,425 | 0% | 70% |
| Bitcoin Sold | 383 | 400 | - | -4% | N/A |
| Net Proceeds ($ millions) | 37.0 | 46.0 | - | -20% | N/A |
| Avg. Sale Price/Bitcoin | 96,560 | 114,970 | - | -16% | N/A |
| Total Power Credits ($ millions) | 2.3 | 2.1 | 1.3 | 6% | 76% |
| All-in Power Cost (c/kWh) | 4.0 | 4.0 | 3.8 | 0% | 3% |
Expansion Focus: Infrastructure and Data Center Development Underway
Riot’s update was paired with announcements about ongoing recruitment and strategic movement into large-scale data center development, beyond its Texas and Kentucky mining sites. The company is investing in new capabilities that aim to power the next era of digital infrastructure, positioning itself not just as a miner but as a foundational digital economy builder.
Takeaway: Operational Stability, Improved Efficiency, and Eyes on the Future
While Riot’s monthly and annual Bitcoin production figures show softness, its steady growth in hash rate and efficiency—plus a big boost in energy credits—show the business is both optimizing for current margins and setting up for future expansion. For observers, the bigger question is how the company’s data center initiatives might create new revenue opportunities in 2026 and beyond. As power dynamics shift and demand for digital infrastructure rises, Riot’s diversified strategy stands out as one to watch.
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