Business
Riot Platforms Reports First Quarter 2023 Financial Results, Current Operational and Financial Highlights
Riot Reports $73.2 Million in Total Revenue, and New All-Time Records in 2,115 Bitcoin Produced and Hash Rate Capacity of 10.5 EH/s CASTLE ROCK, Colo., May
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Reports $73.2 Million in Total Revenue, and New All-Time Records in 2,115 Bitcoin Produced and Hash Rate Capacity of 10.5 EH/s\nCASTLE ROCK, Colo., May 10, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, reported financial results for the three-month period ended March 31, 2023. The unaudited financial statements are available on Riot’s website and here. “Riot achieved a number of important milestones and records during the first quarter of 2023,” said Jason Les, CEO of Riot. “In spite of damage to our immersion Buildings F and G during severe winter storms in Texas in late 2022, we successfully reached new all-time highs for miner deployment, total hash rate capacity, and monthly Bitcoin production. Our teams are also nearing completion of the final buildout and deployment of miners at our Rockdale Facility and have been working to further enhance operating efficiency. “Riot’s vertically integrated strategy has once again positioned us during this quarter as an industry leader in low-cost, large-scale Bitcoin mining, and I continue to be excited to work with our team to achieve Riot’s vision of becoming the leading Bitcoin-driven infrastructure platform.” First Quarter 2023 Financial and Operational Highlights Key financial and operational highlights for the first quarter include: Total revenue of $73.2 million for the three-month period ended March 31, 2023, as compared to $79.8 million for the same three-month period in 2022. The decrease was primarily driven by lower Bitcoin prices, which averaged $22,704 for the three-month period ended March 31, 2023, a decrease of 44% as compared to $41,241 for the three-month period ended March 31, 2022. The decrease in Bitcoin price was offset by a 51% increase in Bitcoin mined during the same three-month period in 2022.Produced 2,115 Bitcoin during the three-month period ended March 31, 2023, as compared to 1,405 Bitcoin during the same three-month period in 2022. Higher Bitcoin production was driven by a significant increase in miners deployed year over year.The average cost to mine Bitcoin for the three-month period ended March 31, 2023 was $10,354 per Bitcoin, as compared to $13,590 per Bitcoin for the same three-month period of 2022.Earned $3.1 million in power curtail...