Bitcoin

<a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> Platforms, a leading Bitcoin-driven infrastructure platform, reported remarkable Q3 2023 results. The company has set new records in miner deployment and <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> capacity, reaching 98,694 miners and a 10.9 EH/s <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a>. This represents a 95% increase year-over-year. The company successfully mined 1,106 Bitcoin, a 6% increase from the previous year. However, despite these gains, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> experienced a net loss of $45.3 million, including significant depreciation and a non-cash impairment of Bitcoin, according to <a href="https://www.riotplatforms.com/overview/company-info/presentations/" rel="noopener noreferrer nofollow">riotplatforms</a>.&nbsp;
The company's unique power strategy played a pivotal role in its financial performance. <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> Platforms generated $49.6 million in power curtailment credits, which offset mining costs and contributed to a 61% EBITDA margin. This strategy led to a negative cost to mine per Bitcoin in the quarter, highlighting the company's efficient operations. The strategy involves powering down operations when market prices are higher than Bitcoin mining revenues, participating in ERCOT’s demand response programs, and utilizing long-term fixed-price power contracts.
Riot’s revenue grew by 12% year-over-year, totaling $51.9 million, with Bitcoin mining contributing the most. The company maintains a strong financial position, with a cash balance of $290 million and no long-term debt as of September 30, 2023. Riot's <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/" rel="noopener noreferrer nofollow">Bitcoin holdings</a> increased to 7,327 BTC, valued at approximately $198 million.
Looking ahead, Riot Platforms is expanding its operations with the development of the Corsicana Facility, a 1 GW data center. Phase 1 of this facility involves a 400 MW build-out, with the first batch of miners expected to be online by Q1 2024. This expansion is fully funded, and the company is poised for growth through 2025, with plans to increase its <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> capacity significantly.
Riot Platforms' Q3 2023 results showcase the company's resilience and strategic execution in the volatile cryptocurrency market. The company's focus on efficient operations, strategic power usage, and expansion plans positions it strongly for future growth and success in the Bitcoin-driven infrastructure space.

Riot Achieves Negative Cost in Bitcoin Mining

Ultramining_Eng

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