BitcoinminingfirmRiotrecorded$84.8millioninrevenueinthethirdquarterof2024,representinga65%increaseoverthesamequarterin2023.
Thisgrowthcanbeattributedtothe159%year-over-yearincreaseindeployedhashratewhichreached28EH/sbytheendofthequarter.
Riot’sQ3FinancialResults
Accordingtotheofficialpressrelease,thesurgeinhashratehasenabledRiottomaintainstrongoperationaloutput,producing1,104Bitcoinduringthequarter.Notably,thisproductionlevelalignswiththecompany’sBitcoinoutputfromthethirdquarterof2023,eveninthecontextoftherecenthalvingevent.
However,thequarterendedwithanetlossof$154.4million,reflectingarisefromanetlossof$80millioninthesamequarterof2023.Riotreportedthatthisfigurewascomprisedofanunrealizedlossonmarketableequitysecuritiesof$38million,$30millionrelatedtonon-cashstock-basedcompensationexpenses,and$60millionattributedtodepreciationandamortization.
Inastatement,RiotCEOJasonLesrevealedthattheminingcompanyendedthequarterwithapproximately$1.3billionincash,restrictedcash,marketableequitysecurities,and10,427Bitcoinheld.Theexecadded,
“Lookingforward,Iamincrediblyexcitedaboutourfuturepath,asourteamscontinueworkingtodevelopanddeployevenmorepowercapacityandhashrateacrossTexasandKentucky,towardsRiot’snextgoalofachieving100EH/sinself-miningcapacity.”
RiothadpreviouslyannouncedtheacquisitionoftheKentucky-basedfirmBlockMininginatransactionwortharound$92.5million.Thedealincluded$18.5millionincashfromRiot’sreservesand$74millioninRiotcommonstock.
HashRateProjectionsRevised
Riothasreviseditsself-mininghashratecapacityexpectations,whichnowpredictsatotalcapacityof34.9EH/sbytheendof2024,downfromthepreviouslyprojected36.3EH/s.ThisadjustmentismainlyduetodelaysintheexpansionofthenewlyacquiredKentuckyfacilities,whicharenowexpectedtobeoperationalin2025insteadof2024.
Thecompanysaidthatitanticipatesanend-of-yearcapacityof46.7EH/sfor2025,adecreasefromtheearlierestimateof56.6EH/s.Meanwhile,theCorsicanaFacility’sfulldevelopmentisexpectedtowrapupby2026alongsideKentuckyexpansionplanstoachieveatotalhashratecapacityof65.7EH/sbytheendofthatyear.
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