Riot Platforms Reports Q3 Results: Generates 1,106 Bitcoins and Raises Over $200 Million
Bitcoin mining company Riot Platforms has released its financial report for the third quarter, showcasing notable improvements despite missing earnings and sales estimates.
Per the report, Riot Platforms generated 1,106 Bitcoins during the quarter, marking an increase compared to the same period in 2022 when they produced 1,042 Bitcoins.
The boost in Bitcoin ( BTC) production was driven by a rise in deployed miners, although it was partially offset by increased curtailment due to the company’s power strategy and the growing difficulty of the Bitcoin network.
Notably, Riot Platforms experienced a surge in total revenue, reaching $51.9 million, compared to $46.3 million during the same period in 2022.
This increase can be attributed to both higher Bitcoin production and higher average Bitcoin prices, which averaged $28,230 per Bitcoin for the quarter, representing a 33% increase compared to the previous year.
However, the company still missed the analyst consensus estimate of $77.50 million for revenue by 33.03%.
The average cost to mine Bitcoin for Riot Platforms was $6,141 during Q3, a significant improvement compared to $8,227 per Bitcoin in the same period of 2022.
The company also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year.
“We are extremely pleased to report that our power strategy successfully drove down our 2023 year-to-date average cost to mine to $5,537 per Bitcoin, further solidifying our position as a leading low-cost producer of Bitcoin,” Jason Les, CEO of Riot, said in a statement.
As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins.
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