Key Points
- Riot Platforms, a key player in Bitcoin mining, reported a 65% increase in year-over-year revenue.
- Despite strong financial performance, the firm has encountered challenges in expanding its hashrate within U.S facilities.
Riot Platforms, a significant participant in Bitcoin mining, disclosed a notable 65% surge in revenue compared to the previous year. This growth demonstrates the company’s resilience and momentum, even in the face of Bitcoin’s recent halving event.
However, despite robust financial results, the company has struggled with its hashrate expansion plans, encountering difficulties at its U.S facilities.
Riot Platforms Q3 Revenue Report
In its Q3 2024 report, Riot Platforms emphasized consistent growth and competitive, low power costs.
CEO Jason Les noted that the company recorded $84.8 million in revenue for the quarter, a 65% increase over the same period in 2023. This surge was driven by a 159% year-on-year increase in deployed hash rate, reaching 28 EH/s at the quarter’s end.
Despite the Bitcoin halving event, the increased hash rate enabled the company to produce 1,104 Bitcoin in the quarter, matching the production of Q3 2023.
Challenges and Future Plans
Despite these positive figures, Riot Platforms reported a net loss of $154 million for the quarter, marking a 92% increase from its Q3 2023 losses. This decline was attributed to reduced power credits, increased operational expenses, and the impact of Bitcoin’s halving event.
However, the company continues to exhibit impressive energy efficiency, with an average mining cost of $35,376 per BTC, nearly half the current market price.
Looking ahead, CEO Jason Les expressed optimism about the company’s future, highlighting plans to increase power capacity and hash rate in Texas and Kentucky. These measures aim to support the company’s goal of reaching 100 EH/s in self-mining capacity, emphasizing its commitment to growth in U.S Bitcoin mining.
Despite these growth plans and higher hashrates, the company’s stock (RIOT) has struggled this year, reflecting the challenges of market volatility.
