2024

Bitcoin

April

when

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) mining firm Riot Platforms reported a $211.8 million net income for Q1 2024 — a company record and a 1,000% increase from the same time last year — but missed analyst revenue estimates.
Riot’s first quarter <a href="https://www.riotplatforms.com/riot-platforms-reports-first-quarter-2024-financial-results-current-operational-and-financial-highlights/" target="_blank" rel="noopener nofollow">results</a> released May 1 show minin revenue spiked 55.4% year-on-year to $74.6 million, primarily driven by a 131% increase in Bitcoin’s price.
The firm's total revenue was $79.3 million, fallin 14% short of <a href="https://www.zacks.com/stock/news/2266179/riot-platforms-inc-riot-q1-earnings-top-estimates#:~:text=of%20the%20Tape-,Riot%20Platforms%2C%20Inc" target="_blank" rel="noopener nofollow">estimates</a> by research firm Zacks.
The miner said a rise in net income and mining revenue was partially slowed by lower Bitcoin production and higher mining costs due to an increase in Bitcoin’s network difficulty and hash rate.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/c2f5afe2-0d6b-403f-b74c-07870e69c27c.png">
 <figcaption style="text-align: center;">
 Riot’s unaudited financial statement for Q1 2024. Source: Riot Platforms
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Riot mined 1,364 BTC during Q1, <a href="https://cointelegraph.com/news/riot-platforms-bitcoin-mining-production-halving">a 36% decrease</a> from 2023’s first quarter. Its average cost to mine 1 BTC was $23,000 — 144% more expensive compared to the same time last year which Riot said was “primarily driven by an increase of 89% in global network hash rate.”
Riot announced a <a href="https://cointelegraph.com/news/bitcoin-mining-stocks-btc-halving">new facility</a> in Corsicana, Texas last month which CEO Jason Les believes will become the largest dedicated Bitcoin mining facility in the world once fully developed.
Related:<a href="https://cointelegraph.com/news/jack-dorsey-block-bitcoin-mining-system"> Jack Dorsey’s Block announces development of ‘full Bitcoin mining system’</a>
The mining firm claimed it was on track to increase its hash rate capacity from 12.4 exahashes per second (EH/s) to 31 EH/s before the end of the year. 
It anticipates its hash rate will increase to 41 EH/s when its Corsicana facility fully deploys in 2025 and Riot has a long-term goal to reach 100 EH/s in 2027 or soon after.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/b8ed01f4-f06c-480b-b2d8-1e19493fdabd.png">
 <figcaption style="text-align: center;">
 Change in Riot’s hash rate bi-annually by facility. Source: Riot Platforms
 </figcaption>
</figure>
Riot currently boasts the third largest hash rate among miners trailing only rivals Marathon Digital and Core Scientific at 24.7 EH/s and 16.9 EH/s respectively, <a href="https://data.hashrateindex.com/stocks" target="_blank" rel="noopener nofollow">according</a> to Hashrate Index.
Riot’s share price fell 2.87% over May 1 to $9.82, but is up 1.1% in after-hours trading, <a href="https://www.google.com/finance/quote/RIOT:NASDAQ" target="_blank" rel="noopener nofollow">according</a> to Google Finance.
Bitcoin miners are adjusting after the blockchain’s mining rewards were cut in <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed">the April 20 halving event</a> from 6.25 BTC to 3.125 BTC — the latter currently worth around $180,600.
Magazine:<a href="https://cointelegraph.com/magazine/get-bitcoin-or-die-tryin-why-hip-hop-stars-love-crypto/"> Get Bitcoin or die tryin’: Why hip hop stars love crypto</a>

Bitcoin miner Riot Platforms reports record $211M Q1 net income

Cointelegraph

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