Riot Platforms, Inc. ( (RIOT) ) has realeased its Q3 earnings. Here is a breakdown of the information Riot Platforms, Inc. presented to its investors.
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Riot Platforms, Inc. is a company engaged in Bitcoin mining and digital infrastructure, with operations primarily located in Texas and Kentucky, and a focus on vertically integrated strategies. In the third quarter of 2024, Riot reported a significant increase in total revenue to $84.8 million, marking a 65% growth compared to the same period in 2023. This was primarily driven by a substantial increase in Bitcoin Mining revenue due to a higher deployed hash rate of 28 EH/s, despite facing challenges such as the Bitcoin ‘halving’ and increased network difficulty.
Key financial highlights of the quarter include Bitcoin Mining revenue of $67.5 million and the production of 1,104 Bitcoins. However, the company faced a net loss of $154.4 million, impacted by several factors including reduced power credits and increased costs. Riot maintained a strong balance sheet with $590.6 million in working capital, including $355.7 million in cash, and held 10,427 Bitcoin.
Looking ahead, Riot anticipates achieving a self-mining hash rate capacity of 34.9 EH/s by the end of 2024. Although this is a reduction from previous projections, the company remains focused on future growth, with plans to expand its capacity to 65.7 EH/s by the end of 2026. The company’s management underscores its commitment to operational efficiency and strategic expansion to enhance its competitive position in the Bitcoin mining industry.
