Crypto Mining Giant Riot Platforms Reports Significant Revenue Growth

Riot Platforms, a leading Bitcoin mining company, reported a 65% year-over-year revenue surge, totaling $84.8 million for the quarter.

CEO Jason Les noted that despite a significant increase in their hash rate, which produced 1,104 Bitcoin during this period, the firm is facing challenges at its U.S. facilities that have led to a reduction in expansion plans.

The company’s deployed hash rate rose by 159% year-over-year to 28 EH/s as of the end of September. However, Riot recorded a net loss of $154 million, or $0.54 per share, largely due to lower power credits, higher operating costs, and the impact of Bitcoin’s halving.

Mining Bitcoin cost the company an average of $35,376, roughly half the current market price of around $72,000, thanks to its efficient energy use, achieving a competitive power cost of 3.1 cents per kilowatt-hour. Riot maintains a strong balance sheet with about $1.3 billion in cash and equity securities, along with 10,427 Bitcoin valued at approximately $750 million.

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Looking ahead, while Riot aims for a self-mining capacity of 100 EH/s, its projections have been scaled back to 34.9 EH/s by the end of 2024, down from a previous estimate of 36.3 EH/s, due to slower expansions in Kentucky. The company now expects to reach 46.7 EH/s by the end of 2025, down from an earlier target of 56.6 EH/s. Once both facilities are operational, Riot anticipates a capacity of 65.7 EH/s by the end of 2026.

On October 30, Riot’s stock dipped 3.6% to $9.86, with shares down 32% year-to-date and 85% since reaching an all-time high of over $70 in February 2021.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.