Riot Platforms Inc., a fully integrated bitcoin mining company, announced that its revenues for the first quarter of 2024 surpassed $79.3 million. Although there was a slight increase in revenue from $73.2 million in the corresponding quarter of 2023, the most remarkable aspect is that this growth was achieved despite a 36% decrease in the number of bitcoins mined, which dropped to 1,364.
In the first quarter of 2024, Riot Platforms Inc., the integrated bitcoin mining firm, experienced a modest growth in revenue, exceeding $79.3 million. This represents an increase of just over $6 million compared to the $73.2 million generated in the same quarter of the previous year. Despite producing fewer bitcoins, Riot Platforms managed to achieve this modest revenue growth.
According to a statement, Riot Platforms only mined 1,364 bitcoins during the quarter, a significant decrease from the 2,115 bitcoins mined in the same period of the previous year. However, the 131% increase in the price of BTC more than compensated for the decline in bitcoins mined. The company attributed the reduced production to a “significant increase in the Bitcoin network difficulty,” as stated in the announcement.
During the review period, Riot Platforms’ average cost to mine one BTC was $23,034, which is over $13,500 higher than the average cost of $9,438 in Q1 2023. Additionally, Riot Platforms earned $5.1 million in power curtailment credits, compared to the $3.1 million earned in Q1 of 2023.
Data indicates that Riot Platforms’ mining capacity segment accounted for 94% of total revenues, amounting to $74.6 million, while the engineering segment contributed the remaining $4.7 million. In 2023, the engineering segment recorded $16.7 million, while the mining segment generated $48 million.
Riot CEO Jason Les expressed his satisfaction with the impressive performance of the BTC miner in the quarter, stating, “This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82, which are new record highs for our quarterly results.” He also highlighted the company’s adjusted EBITDA of $245.7 million for the quarter, another record high.
Furthermore, Les disclosed that the recently deployed miners at Riot Platforms’ Corsicana Facility are already operational, and the company is on track to increase its self-mining hash rate capacity to 31 EH/s by the end of the year. Riot Platforms anticipates that three pending orders will add an estimated 28 EH/s to its self-mining capacity, bringing the total self-mining hash rate capacity to 41 EH/s once fully deployed.
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