Riot Platforms Reports $211.8M Q1 2024 Net Income, Falls Short of Revenue Expectations
Bitcoin mining firm Riot Platforms has announced a remarkable net income of $211.8 million for the first quarter of 2024, a staggering 1,000% increase compared to the same period last year.
However, despite this impressive performance, Riot Platforms fell short of analyst revenue estimates.
Riot Platforms released Q1 results on May 1, revealing that mining revenue experienced a significant 55.4% year-on-year surge, reaching $74.6 million.
This growth was primarily attributed to a remarkable 131% increase in the price of Bitcoin.
While the total revenue of the company amounted to $79.3 million, it fell approximately 14% short of the expectations set by research firm Zacks.
Riot Platforms acknowledged that the progress in net income and mining revenue was somewhat hindered by lower Bitcoin production and higher mining costs.
These factors were primarily influenced by the increase in Bitcoin’s network difficulty and hash rate.
The company mined 1,364 BTC during Q1, marking a 36% decrease compared to the same period in 2023.
Additionally, the average cost to mine 1 BTC stood at $23,000, reflecting a substantial 144% increase compared to the previous year, driven by an 89% surge in the global network hash rate.
Furthermore, Riot Platforms recently unveiled plans for a new facility situated in Corsicana, Texas.
CEO Jason Les expressed confidence that the facility, once fully developed, would become the largest dedicated Bitcoin mining facility globally.
The company aims to increase its hash rate capacity from 12.4 exahashes per second (EH/s) to 31 EH/s by the end of this year.
It anticipates a further boost to 41 EH/s when the Corsicana facility is fully deployed in 2025. Riot Platforms has set a
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