New York, Thursday, November 07, 2024 – Bitcoin mining firm Riot Platforms reported a 65% year-over-year revenue increase for Q3 2024, reflecting strong mining performance despite expansion setbacks in the US Riot achieved $84.8 million in revenue in the third quarter, attributed to a substantial rise in deployed hashrate, which allowed the company to mine 1,104 BTC during the period, maintaining output despite April’s Bitcoin halving.
Riot’s hashrate surged 159% over last year, reaching 28 exahashes per second (EH/s) by September, a growth that fueled its revenue boost.
Yet, the firm posted a net loss of $154 million (or $0.54 per share), up 92% from Q3 2023, driven by reduced power credits, higher operational costs, and the halving’s impact.
Despite this, Riot maintained an efficient Bitcoin mining cost of $35,376 per BTC, benefiting from energy-saving practices that reduced power expenses to 3.1 cents per kilowatt-hour.
With a strong balance sheet, Riot reported $1.3 billion in cash and equity securities and held 10,427 BTC, valued at roughly $750 million. CEO Jason Les highlighted Riot’s goal to reach 100 EH/s in self-mining capacity, aiming to scale operations in Texas and Kentucky.
Due to delays at its newly acquired Kentucky site, however, Riot revised its year-end hashrate goal to 34.9 EH/s from the initial 36.3 EH/s. Its 2025 target was also adjusted to 46.7 EH/s, down from 56.6 EH/s, with projections now set to achieve 65.7 EH/s by 2026.
Riot’s stock (RIOT) dipped 3.6% in after-hours trading, reaching $9.86 on October 30. Since the year’s start, the stock has fallen 32%, remaining far below its 2021 peak of over $70.
In response to the recent halving, Riot and other miners face revenue adjustments, with some expected to release BTC reserves, potentially amounting to $5 billion, in the coming months.
