Business
Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights
Riot Reports $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s CASTLE ROCK, Colo., Oct. 30, 2024 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ:
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Reports $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s\nCASTLE ROCK, Colo., Oct. 30, 2024 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ: RIOT) (\"Riot\" or \"the Company\"), an industry leader in vertically integrated Bitcoin mining, reported financial results for the three-month period ended September 30, 2024. The accompanying presentation materials are available on Riot's website.\n\"I'm pleased to announce Riot's results for the third quarter 2024, the first full quarter past the Bitcoin 'halving' event, during which Riot continued to achieve significant growth while maintaining industry-leading low power costs,\" said Jason Les, CEO of Riot. \"Riot recorded $84.8 million in revenue this quarter, representing a 65% increase over the same quarter in 2023, driven by a 159% year-over-year increase in deployed hash rate to 28 EH/s at the end of the quarter. This significant increase in deployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-line with our Bitcoin production in the third quarter of 2023, despite the 'halving'.\n\"During the quarter, Riot once again demonstrated the benefits of our unique power strategy, achieving an industry-leading average all-in cost of power of 3.1 cents/kWh. Riot's flexibility to utilize power at our Corsicana Facility when the market price for power in ERCOT is low, coupled with the long-term fixed price PPA at our Rockdale Facility, gives Riot tremendous optionality to optimize our power costs and represents a key competitive advantage for us.\n\"Riot also ended the quarter having maintained our robust balance sheet strength, with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. Looking forward, I am incredibly excited about our future path, as our teams continue working to develop and deploy even more power capacity and hash rate across Texas and Kentucky, towards Riot's next goal of achieving 100 EH/s in self-mining capacity.\"\n\nThird Quarter 2024 Financial and Operational Highlights\nKey financial and operational highlights for the third quarter include:\nTotal revenue of $84.8 million, as compared to $51.9 million for the same three-month period in 2023. The increase was primarily driven by a $36.3 million increase in Bitcoin Mining revenue.Produced 1,104 Bitcoin during the quarter, in-line...