Bitcoin (BTC) mining firm Riot Platforms (NASDAQ:RIOT) reported a $211.8 million net income for Q1 2024 — a company record and a 1,000% increase from the same time last year — but missed analyst revenue estimates.

Riot’s first quarter results released May 1 show minin revenue spiked 55.4% year-on-year to $74.6 million, primarily driven by a 131% increase in Bitcoin’s price.

Riot’s unaudited financial statement for Q1 2024. Source: Riot PlatformsChange in Riot’s hash rate bi-annually by facility. Source: Riot Platforms