2024

DeFi

Bitcoin

<div class="intro-text"> 
 On May 1, 2024, Bitcoin mining firm Riot Platforms <a style="color: #0000ff;" href="https://www.riotplatforms.com/riot-platforms-reports-first-quarter-2024-financial-results-current-operational-and-financial-highlights/">published its 2024 first-quarter </a>financial results report, revealing a net income of $211.8 million—a 1,000% increase from last year.&nbsp; 
</div> 
The company’s success was driven by a 55.4% spike in mining revenue, reaching $74.6 million, primarily fueled by a 131% surge in Bitcoin’s price.&nbsp; 
However, despite these impressive figures, Riot fell short of analyst revenue estimates. The firm reported a total revenue of $79.3 million, 14% below <a style="color: #0000ff;" href="https://www.zacks.com/stock/news/2266179/riot-platforms-inc-riot-q1-earnings-top-estimates#:~:text=of%20the%20Tape-,Riot%20Platforms%2C%20Inc">the expectations</a>. 
The company attributed the slower-than-expected revenue growth to lower Bitcoin production and higher mining costs. These challenges arose from the increasing difficulty and hash rate of Bitcoin’s network, resulting in a 36% decrease in BTC mined compared to the <a style="color: #0000ff;" href="https://www.globenewswire.com/en/news-release/2024/02/22/2834136/0/en/Riot-Platforms-Reports-Full-Year-2023-Financial-Results-Current-Operational-and-Financial-Highlights.html">first quarter of 2023</a>. Notably, Bitcoin miners are still adjusting to the aftermath of the recent <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/everything-you-need-to-know-about-bitcoin-halving/#:~:text=The%20first%20halving%20event%2C%20which,to%203.125%20Bitcoins%20per%20block.">halving event</a> on April 20, which reduced mining rewards from 6.25 BTC to 3.125 BTC. 
Riot’s average cost to mine 1 BTC also <a style="color: #0000ff;" href="https://www.riotplatforms.com/riot-platforms-reports-first-quarter-2024-financial-results-current-operational-and-financial-highlights/">rose</a> significantly to $23,000, a 144% increase from the previous year, largely due to an 89% rise in the global network hash rate. 
Despite these hurdles, Riot Platforms remains optimistic about its future prospects. The company recently <a style="color: #0000ff;" href="https://www.nasdaq.com/events/riot-platforms-rings-the-closing-bell">announced</a> the development of a new facility in Corsicana, Texas, which CEO Jason Les believes will become the world’s largest dedicated Bitcoin mining facility once fully operational.&nbsp; 
The Bitcoin miner is also on track to <a href="https://www.riotplatforms.com/riot-platforms-reports-full-year-2023-financial-results-current-operational-and-financial-highlights/">increase</a> its hash rate capacity from 12.4 exahashes per second (EH/s) to 31 EH/s by the end of 2024. The company <a style="color: #0000ff;" href="https://www.riotplatforms.com/riot-platforms-reports-full-year-2023-financial-results-current-operational-and-financial-highlights/">noted it </a>aims to reach a hash rate of 41 EH/s by 2025 and has set a long-term goal of achieving 100 EH/s by 2027 or shortly thereafter. 
A<a href="https://data.hashrateindex.com/stocks">ccording to the Hashrate Index</a>, Riot Platforms currently holds the third-largest hash rate among miners, trailing only Marathon Digital and Core Scientific, with hash rates of 24.7 EH/s and 16.9 EH/s, respectively. 
Meanwhile, despite a 2.87% drop in price on May 1 to $9.82, Riot’s shares saw a 1.1% increase in after-hours trading, <a style="color: #0000ff;" href="https://www.google.com/finance/quote/RIOT:NASDAQ">according to Google Finance</a>. 
&nbsp; 
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/">CoinMarketCap Community</a>. 
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.” 
The post <a href="https://defi-planet.com/2024/05/riot-platforms-sets-a-record-with-211m-net-income-in-2024-q1/">Riot Platforms Sets a Record With $211M Net Income in 2024 Q1</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Riot Platforms Sets a Record With $211M Net Income in 2024 Q1

DeFi Planet

Other articles published on May 2, 2024

Expert Analyst Predicts Potential Drop in Bitcoin (BTC) Value: What Investors Need to Know

Three Major Partnerships Ignite Surge in Crypto World: Spotlight on Altcoins (ALT)

Bitcoin Slump Signals ‘Trouble Ahead’ In Global Markets

Over $22 Million Raised In BlockDAG’s Batch 10 Presale Attracting Attention From Solana Trader & ...

Ripple Unlocks 1 Billion XRP From Escrow – How Will This Impact Price?

Bitcoin’s Value Rises as Fed Chooses Not to Increase Rates During FOMC Gathering

Join our free newsletter for daily crypto updates!