Riot Platforms' BTC mining revenue doubled to $67.5 million during the last quarter.
However, the company reported a twofold increase in energy and mining costs per 1 BTC.
Riot's data center
Riot Platforms (NASDAQ: RIOT), the third largest Bitcoin mining company on Wall Street, reported a significantly wider net loss in the third quarter despite higher revenue, as the cost of mining each BTC soared and power-related benefits diminished.
Riot Posts 93% Wider Loss
as Bitcoin Mining Costs Surge Post-Halving
The cost to
mine one Bitcoin skyrocketed to $35,376 in the quarter, a dramatic shift from
the negative cost of $22,741 in the same period last year. When including the
BTC miner depreciation, the cost is even higher, reaching $75,506 and rising 124%
from $27,484 reported in 2023.
The surge
reflects the impact of April's Bitcoin halving event, which cut mining rewards
in half, combined with rising network difficulty and significantly reduced
power credits. However, Jason Les, the CEO of the Wall Street BTC miner, tried to stay positive and looked for a brighter side in the latest report.
“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,” said Les. “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.”
BTC Mining Margins
Continue to Fall
Power
credits, a crucial component of Riot's business model, dropped to $12.4 million
from $49.6 million year-over-year, representing a 75% decrease. This decline
significantly impacted the company's mining margins, which fell to 42% ($28.4
million) from 181% ($56.4 million) in the previous year.
“Bitcoin mining
cost of revenue consists primarily of direct production costs of mining
operations, including electricity, labor, and insurance, but excluding
depreciation and amortization,” the company added.
The company
also faced increased operational expenses, with selling, general, and
administrative costs rising by $37.9 million, driven by higher stock-based
compensation, advisory fees, and legal costs.
Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights. $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s.
“I’m pleased to announce Riot’s results for the third quarter 2024, the first full quarter past the… pic.twitter.com/bbEno5GOkz
As of
September 30, Riot held 10,427 Bitcoin worth approximately $660.3 million and
maintained a strong financial position with $355.7 million in cash and $190.1
million in marketable securities.
Riot Platforms (NASDAQ: RIOT), the third largest Bitcoin mining company on Wall Street, reported a significantly wider net loss in the third quarter despite higher revenue, as the cost of mining each BTC soared and power-related benefits diminished.
Riot Posts 93% Wider Loss
as Bitcoin Mining Costs Surge Post-Halving
The cost to
mine one Bitcoin skyrocketed to $35,376 in the quarter, a dramatic shift from
the negative cost of $22,741 in the same period last year. When including the
BTC miner depreciation, the cost is even higher, reaching $75,506 and rising 124%
from $27,484 reported in 2023.
The surge
reflects the impact of April's Bitcoin halving event, which cut mining rewards
in half, combined with rising network difficulty and significantly reduced
power credits. However, Jason Les, the CEO of the Wall Street BTC miner, tried to stay positive and looked for a brighter side in the latest report.
“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,” said Les. “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.”
BTC Mining Margins
Continue to Fall
Power
credits, a crucial component of Riot's business model, dropped to $12.4 million
from $49.6 million year-over-year, representing a 75% decrease. This decline
significantly impacted the company's mining margins, which fell to 42% ($28.4
million) from 181% ($56.4 million) in the previous year.
“Bitcoin mining
cost of revenue consists primarily of direct production costs of mining
operations, including electricity, labor, and insurance, but excluding
depreciation and amortization,” the company added.
The company
also faced increased operational expenses, with selling, general, and
administrative costs rising by $37.9 million, driven by higher stock-based
compensation, advisory fees, and legal costs.
Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights. $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s.
“I’m pleased to announce Riot’s results for the third quarter 2024, the first full quarter past the… pic.twitter.com/bbEno5GOkz
As of
September 30, Riot held 10,427 Bitcoin worth approximately $660.3 million and
maintained a strong financial position with $355.7 million in cash and $190.1
million in marketable securities.
Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
Retail Traders Get Tokenized US IPO Allocations at Offer Price as Payward Expands xStocks
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You can count on an unorthodox blend of candid perspectives and off-the-record tales that novices won’t get, and compliance won’t approve.
Attend at your own risk.
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Practical wisdom on regional market peculiarities and FX careers
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Join seasoned financial markets professionals as they reflect on life spent in front of tickets, phones, and later screens, and the stories they’ve accumulated on sales and trading floors.
You can count on an unorthodox blend of candid perspectives and off-the-record tales that novices won’t get, and compliance won’t approve.
Attend at your own risk.
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