Business
Riot Platforms Reports Second Quarter 2023 Financial Results, Current Operational and Financial Highlights
Riot Reports $76.7 Million in Total Revenue, New All-Time Record Hash Rate Capacity of 10.7 EH/s, and Expanded Execution of Power Strategy CASTLE ROCK, Colo.,
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Reports $76.7 Million in Total Revenue, New All-Time Record Hash Rate Capacity of 10.7 EH/s, and Expanded Execution of Power Strategy\nCASTLE ROCK, Colo., Aug. 09, 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 June 30, 2023. The unaudited financial statements and accompanying presentation materials are available on Riot’s website. “I am excited to announce second quarter 2023 results for Riot, as this quarter showcased ongoing execution of our long-term strategy and included a number of landmark announcements solidifying our future growth path,” said Jason Les, CEO of Riot. “Riot’s core business is Bitcoin mining, and the scale of our vertically integrated operations and financial strength allowed us to execute on our power strategy at unmatched scale this quarter, driving our average cost to mine to $8,389 per Bitcoin in the second quarter, compared to an average Bitcoin price of $28,024. “As part of the next phase of our growth, Riot signed a long-term purchase agreement with MicroBT to acquire 33,280 next generation miners, with an option to purchase an additional 66,560 miners on the same price and terms. These miners are designed from the ground up for immersion cooling, will be manufactured in the United States, and will add an additional 7.6 EH/s in capacity for Riot by mid-2024. We also announced an agreement with Midas Immersion to purchase 200 megawatts of immersion cooling systems, with an option to purchase an additional 400 megawatts. Midas Immersion is an industry leading designer and manufacturer of immersion cooling systems, and this order will ensure that our Corsicana Facility will represent the largest and most advanced deployment of immersion cooling for Bitcoin mining in the world. “As Riot continues to execute on our growth plans for the rest of this year and beyond, I remain extremely excited about Riot’s leading role in driving the cross-industry transformation of energy and money through Bitcoin mining.” Second Quarter 2023 Financial and Operational Highlights Key financial and operational highlights for the second quarter include: Total revenue of $76.7 million, as compared to $72.9 million for the same three-month period in 2022...