Bitcoin miner Riot Platforms reported a $211 million net income in Q1 2024 thanks to Bitcoin’s price jump over the quarter.
) mining firm Riot Platforms reported a $211.8 million net income for Q1 2024 — a company record and a 1,000% increase from the same time last year — but missed analyst revenue estimates.released May 1 show minin revenue spiked 55.4% year-on-year to $74.6 million, primarily driven by a 131% increase in Bitcoin’s price.
from 2023’s first quarter. Its average cost to mine 1 BTC was $23,000 — 144% more expensive compared to the same time last year which Riot said was “primarily driven by an increase of 89% in global network hash rate.”in Corsicana, Texas last month which CEO Jason Les believes will become the largest dedicated Bitcoin mining facility in the world once fully developed.The mining firm claimed it was on track to increase its hash rate capacity from 12.
It anticipates its hash rate will increase to 41 EH/s when its Corsicana facility fully deploys in 2025 and Riot has a long-term goal to reach 100 EH/s in 2027 or soon after.Riot currently boasts the third largest hash rate among miners trailing only rivals Marathon Digital and Core Scientific at 24.7 EH/s and 16.9 EH/s respectively,Riot’s share price fell 2.87% over May 1 to $9.82, but is up 1.
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