Bitcoin mining firm Riot recorded $84.8 million in revenue in the third quarter of 2024, representing a 65% increase over the same quarter in 2023.
This growth can be attributed to the 159% year-over-year increase in deployed hash rate which reached 28 EH/s by the end of the quarter.
Riot’s Q3 Financial Results
According to the official press release, the surge in hash rate has enabled Riot to maintain strong operational output, producing 1,104 Bitcoin during the quarter. Notably, this production level aligns with the company’s Bitcoin output from the third quarter of 2023, even in the context of the recent halving event.
However, the quarter ended with a net loss of $154.4 million, reflecting a rise from a net loss of $80 million in the same quarter of 2023. Riot reported that this figure was comprised of an unrealized loss on marketable equity securities of $38 million, $30 million related to non-cash stock-based compensation expenses, and $60 million attributed to depreciation and amortization.
In a statement, Riot CEO Jason Les revealed that the mining company ended the quarter with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. The exec added,
“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.”
Riot had previously announced the acquisition of the Kentucky-based firm Block Mining in a transaction worth around $92.5 million. The deal included $18.5 million in cash from Riot’s reserves and $74 million in Riot common stock.
Hash Rate Projections Revised
Riot has revised its self-mining hash rate capacity expectations, which now predicts a total capacity of 34.9 EH/s by the end of 2024, down from the previously projected 36.3 EH/s. This adjustment is mainly due to delays in the expansion of the newly acquired Kentucky facilities, which are now expected to be operational in 2025 instead of 2024.
The company said that it anticipates an end-of-year capacity of 46.7 EH/s for 2025, a decrease from the earlier estimate of 56.6 EH/s. Meanwhile, the Corsicana Facility’s full development is expected to wrap up by 2026 alongside Kentucky expansion plans to achieve a total hash rate capacity of 65.7 EH/s by the end of that year.
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