If power credits were directly allocated to Bitcoin mining cost of revenue, Bitcoin mining cost of revenue would have decreased by $5.1 million, increasing our Bitcoin mining margin to $38.6 million or 52% on a non-GAAP basis. Bitcoin mining costs also included $4.5 million of power cost for the remaining hosting contracts. Slide nine breaks down Riot’s cost to mine. The first quarter of 2024 for Riot had changes to our reporting segments. In 2023, Riot terminated the two remaining agreements under the legacy data center hosting business due to the failure of both customers to meeting their obligations under the agreements. As such, costs that had previously been captured and reported in the data center hosting segment have been absorbed by our self-mining operations and presented within the Bitcoin mining segment in our first quarter 2024 financial statements.
Direct cost to mine in the first quarter 2024 was $23,034 per Bitcoin, which power costs were $16,764 or 73% of the total. Other costs of $6,270 represents the remaining 27%. The increase in the global network hashrate and company increase in network difficulty was the primary driver behind an increase in the right average direct cost to mine Bitcoin. Other costs include direct labor, miner insurance, miner and miner related equipment repairs, land lease and related property taxes, network costs, and other utility expenses. We have already ordered new MicroBT machines to be deployed at our Rockdale facility, of which deployment will begin in the second quarter 2024. And as additional hashrate is deployed and operational uptime is increased, we expect increased production of Bitcoin at the Rockdale facility.
So, as production increases, these fixed costs will be spread across the greater number of Bitcoin produced, thereby lowering our cost of mine each Bitcoin. Riot’s engineering business, carried on through Riot’s wholly-owned subsidiary of ESS Metron, reported revenue of $4.7 million in the first quarter of 2024, as compared to $16.1 million for the same three month period in 2023. The decrease of $11.4 million was primarily attributable to global supply chain constraints, resulting in decreased receipts of materials. This delayed the completion of certain custom products for two large projects potentially worth $13.2 million, which ended up not being delivered in the quarter, and therefore we were not able to recognize this revenue. These supply chain shortages also impacted projects in our backlog, due to the lack of manufacturing capacity.
However, we anticipate that the supply chain issues currently impacting our engineering results will be resolved towards the end of the third quarter of this year. Engineering gross margin for the quarter was similarly impacted by these issues, resulting in a gross loss of $1.3 million, as compared to a gross profit of $0.5 million for the first quarter of 2023. I will now turn the call back over to Jason Les.
Jason Les: Thank you, Colin. Pictured on this slide is an aerial shot of our new Corsicana facility. We purchased the land for this facility in 2022, due to its strategic location next to the Navarro switch where 1 gigawatt of power capacity was available. Over the past two years we have worked to develop this site to support reaching 1 gigawatt in total capacity, beginning with the first phase consisting of 400 megawatts of 100% immersion cooled, Bitcoin mining infrastructure, which spans four total buildings. The 400 megawatt substation for the first phase of Corsicana’s development was energized last month, and mining operations have already commenced. Construction remains underway to complete the rest of the first phase by the end of 2024, and in 2025, we intend to continue development of this site to eventually reach 1 gigawatt in total capacity, which would submit the Corsicana facility status as the largest dedicated Bitcoin mining facility in North America and potentially globally.
Riot’s infrastructure pipeline and long-term minor purchase agreement with MicroBT provides us with a clear and direct path to reaching 100 exahash in self-mining hashrate. Based on our current purchase agreements and development plans, Riot plans to exit 2024 with a total hashrate of 31 exahash. This includes 2.7 exahash of growth at our Rockdale Facility and 16 exahash of new growth at our Corsicana facility. Altogether, when fully developed, this would represent a 154% increase in self-mining hashrate over 2024. Fully developing the Corsicana facility through the remaining 600 megawatts of remaining capacity following the completion of the first phase of development and executing a part of our purchase option of MicroBT M66 S-minors would allow Riot to reach nearly 60 exahash in total hashrate capacity.
In other words, Corsicana provides a substantial amount of the infrastructure needed for Riot to utilize its purchase options with MicroBT and reach our 100 exahash goal. These components give Riot the most directly visible and predictable pipeline for growth in the Bitcoin mining sector. In order to fully utilize our pipeline of infrastructure, over the past 12 months we have entered into a series of agreements with MicroBT to a total of 32 exahash of next generation miners. The decision to enter these large-scale purchase agreements came after several months of testing various latest generation MicroBT miners in both immersion and air cooled environments and observing strong operating performance. As a result of this investment, full deployment of our purchase orders is expected to improve our overall fleet efficiency by 21.3% to 21.8 joules per terahash.
As part of our long-term agreement with MicroBT, we have purchase options for an additional 75 exahash of miners on terms substantially similar to our original order. This option provides for a fixed price ceiling of $16.50 per terahash on next generation miners in order to support Riot further growing its fleet and improving overall efficiency. Assuming full exercise of our purchase options and deployment of those miners, our fleet efficiency would improve even further to 19.7 joules per terahash. Riot prioritizes maintaining a strong balance sheet with significant cash and Bitcoin holdings in order to drive long-term value creation for our shareholders. As a result, we can act decisively and continuously scale our business to meet the growing opportunities in the Bitcoin mining space.
Our current growth plans to reach over 40 exahash in 2025 call for $619 million in capital expenditures, which you can see broken down on this slide. We have sufficient financial resources to fund these growth plans entirely, and we expect to end 2025 with total liquidity exceeding that at the end of the first quarter of 2024. Riot’s vision is to be the world’s leading Bitcoin-driven infrastructure platform. The strategy we have been executing on over the past several years has now begun bearing the results which position us to realize this vision. Through our vertically integrated strategy, we have created an unmatched infrastructure growth pipeline to increase our hashrate by 154% this year to 31 exahash and to ultimately lead us to our goal of reaching 100 exahash in total self-mining hashrate.
RIOT’s balance sheet strength underpins our ability to achieve these targets. And as a result, our 2024 and 2025 growth plans are fully funded. We are incredibly excited about what Riot is accomplishing this year, and we look forward to executing on our stated goals on our path to achieving 100 exahash. Thank you all for listening to our presentation. We would now like to open the call for questions. Operator?
