Riot Platforms, Inc. reports a significant surge in financial and operational performance for Q3 2023, with total revenue reaching $51.9 million, a step up from the $46.3 million for the same period last year. This increase owes much to the 6% rise in Bitcoin production and a 33%...
Riot Platforms, Inc. reports a significant surge in financial and operational performance for Q3 2023, with total revenue reaching $51.9 million, a step up from the $46.3 million for the same period last year. This increase owes much to the 6% rise in Bitcoin production and a 33% jump in average Bitcoin prices compared to 2022. Additionally, the company has achieved a new record hash rate capacity of 10.9 EH/s, marking a notable milestone in its mining capabilities, according to riotplatforms.
The company's strategic maneuvers have notably paid off, as evidenced by the mining of 1,106 Bitcoin in the quarter, culminating in a year-to-date total of 4,996 Bitcoin. Riot's adept handling of its power strategy has led to a reduced average cost to mine a Bitcoin to $5,537, reinforcing its position as a cost-effective producer. The company also boasts a robust balance sheet, with $290 million in cash and 7,327 Bitcoin on hand, which combines to nearly $500 million in liquidity.
Moreover, Riot's power strategy yielded $49.6 million in curtailment credits within the quarter, a substantial increase from the $13.1 million in the same quarter of the previous year. The company's data center hosting arm did see a decrease in revenue, dropping to $5.1 million from $8.4 million, which the company attributes to its ongoing resolution of legacy contracts. Operational expenses have risen to $29.1 million, $13.1 million higher than last year, largely due to stock-based compensation and hiring to support growth.
In summary, Riot Platforms' strong third-quarter performance underscores its successful strategy and positioning ahead of the Bitcoin halving event, with expectations to maintain its leadership in low-cost Bitcoin production and continue its expansion within the industry.