Bitcoin Miner Riot Platforms Records Modest Revenue Gain Despite 36% Decrease in Mined BTC
Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding $79.3 million in the first quarter of 2024. The revenue increase was slight, rising from $73.2 million to $79.3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in the number of bitcoins mined, down to 1,364.
Modest Growth Noted Despite Decrease in Bitcoins Mined
In the first quarter of 2024, the integrated bitcoin mining firm, Riot Platforms Inc., saw its revenues exceed $79.3 million. This total quarterly revenue is an increase of just over $6 million from the $73.2 million generated in the corresponding quarter of 2023. According to a statement, Riot Platforms managed to achieve this modest revenue growth despite producing fewer bitcoins.
According to a statement, Riot Platforms produced only 1,364 bitcoins during the quarter under review, compared to the 2,115 bitcoins mined in the same period the previous year. However, a 131% increase in the price of BTC more than compensated for the 36% drop in bitcoins mined. The bitcoin miner meanwhile attributed the reduced production to a “significant increase in the Bitcoin network difficulty,” the statement said.
During the period under review, Riot Platforms’ average cost to mine one BTC was $23,034, which is over $13,500 more than the Q1 2023 average cost of $9,438. Riot Platforms also earned $5.1 million in power curtailment credits, compared to the $3.1 million earned in Q1 of 2023.
Data shows that Riot Platform’s myself-mining capacity segment accounted for 94%, or $74.6 million, of total revenues, while the engineering segment accounted for the remainder, or $4.7 million. In 2023, the engineering segment recorded $16.7 million, while the mining segment had $48 million.
Another Record High for Riot
Commenting on the impressive performance of the BTC miner in the quarter, Riot CEO Jason Les said:
This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter.
Meanwhile, Les also revealed that the recently deployed miners at Riot Platforms’ Corsicana Facility are already hashing. The bitcoin miner is on track to increase its self-mining hash rate capacity to 31 EH/s by year’s end. Overall, Riot Platforms anticipates three pending orders will add an estimated 28 EH/s to its self-mining capacity. Therefore, once fully deployed, the new miners from Riot Platforms are expected to push its total self-mining hash rate capacity to 41 EH/s.
