Riot revenue rises 65% from 2023 but says hashrate plans hampered
Riot Platforms has reported a 65% year-on-year revenue increase, totaling $84.8 million for the quarter. However, the company had to reduce its hashrate projections due to delays in expanding its recently acquired Kentucky facility. Despite producing 1,104 Bitcoin in this period, the firm recorded a net loss of $154 million, primarily due to decreased power credits and increased operating expenses. The average cost of mining one Bitcoin was $35,376, significantly lower than current market prices. Riot's hashrate capacity grew to 28 EH/s by the end of September, but projections for year-end have been cut from 36.3 EH/s to 34.9 EH/s for 2024, and 2025 expectations were also lowered from 56.6 EH/s to 46.7 EH/s. Despite this, Riot is optimistic about future growth and aims to achieve 100 EH/s in self-mining capacity by 2026. The company's balance sheet remains strong, with around $1.3 billion in cash and equity securities alongside 10,427 Bitcoin holdings valued at approximately $750 million.
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