Business
Riot Reports Third Quarter 2022 Financial Results, Current Operational and Financial Highlights
Riot Reports Q3 2022 Results, with $46.3 Million in Total Revenue, 1,042 Bitcoin Produced, $13.1 million in Power Credits, and Record Hash Rate Capacity
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Riot Reports Q3 2022 Results, with $46.3 Million in Total Revenue, 1,042 Bitcoin Produced, $13.1 million in Power Credits, and Record Hash Rate Capacity\nCASTLE ROCK, Colo., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” or “the Company”), an industry leader in Bitcoin mining and data center hosting, reported financial results for the three-month period ended September 30, 2022. The unaudited financial statements are available on Riot’s website and here. “Our results this quarter are a strong testament to the benefits of Riot’s vertically-integrated and diversified business model, which is further complemented by our conservative financial approach,” said Jason Les, CEO of Riot. “Despite rising energy prices, which significantly impacted many Bitcoin miners, Riot was able to leverage our long-term fixed rate power contract to generate significant power credits and in doing so, significantly reduce our operating costs. Additionally, our strong liquidity position has enabled us to remain focused on executing our growth plans and achieving new records in hash rate capacity, as we work towards our goal of becoming the world’s leading Bitcoin-driven infrastructure platform.” Third Quarter 2022 Financial Highlights Key financial highlights for the third quarter include: Total revenue of $46.3 million for the three-month period ended September 30, 2022, as compared to $64.8 million for the same three-month period in 2021, primarily driven by lower Bitcoin production from significant curtailment activities associated with the Company’s power strategy and a 49% decrease in the market price of Bitcoin.Earned $13.1 million in power curtailment credits for the three-month period ended September 30, 2022, equivalent to approximately 760 Bitcoin when calculated using average daily closing Bitcoin prices on a monthly basis, as compared to $2.5 million in power curtailment credits earned for the same three-month period in 2021.Produced 1,042 Bitcoin during the three-month period ended September 30, 2022, as compared to 1,292 Bitcoin during the same three-month period in 2021. Lower Bitcoin production was primarily driven by significant curtailment activities this quarter, among other factors.Mining revenue of $22.1 million for the three-month period ended September 30, 2022, as compared to $53.6 million for the ...