Bitcoin (BTC) 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.
Riot’s first quarter results 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.
The firm's total revenue was $79.3 million, fallin 14% short of estimates by research firm Zacks.
The miner said a rise in net income and mining revenue was partially slowed by lower Bitcoin production and higher mining costs due to an increase in Bitcoin’s network difficulty and hash rate.
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Riot mined 1,364 BTC during Q1, a 36% decrease 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.”
Riot announced a new facility in Corsicana, Texas last month which CEO Jason Les believes will become the largest dedicated Bitcoin mining facility in the world once fully developed.
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The mining firm claimed it was on track to increase its hash rate capacity from 12.4 exahashes per second (EH/s) to 31 EH/s before the end of the year.
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.
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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, according to Hashrate Index.
Riot’s share price fell 2.87% over May 1 to $9.82, but is up 1.1% in after-hours trading, according to Google Finance.
Bitcoin miners are adjusting after the blockchain’s mining rewards were cut in the April 20 halving event from 6.25 BTC to 3.125 BTC — the latter currently worth around $180,600.
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