Riot Platforms, a leading Bitcoin mining company, reported strong financial results for the third quarter of 2023, with revenue increasing to $51.9 million and hash rate capacity growing to 10.9 EH/s. The company also expanded its power strategy, which helped to drive down its average cost to mine Bitcoin to $5,537 per Bitcoin. The mining firm’s strong financial position and execution of its growth plans position it well for continued success in the years to come.
Riot Platforms highlighted its continued growth and industry leadership. Revenue increased to $51.9 million, up from $46.3 million in the same period last year, demonstrating the company’s strong operational performance. Notably, hash rate capacity grew to 10.9 EH/s, solidifying Riot’s position as one of the largest Bitcoin mining companies in the world. This significant increase in hash rate capacity reflects the company’s commitment to expanding its mining operations and capturing a larger share of the Bitcoin network.
Riot’s financial strength was further underscored by its ability to drive down the average cost to mine Bitcoin to $5,537 per Bitcoin, down from $8,227 in the same period last year. This achievement is attributed to the company’s effective power management strategy, which resulted in earning $49.6 million in power curtailment credits during the quarter. Additionally, Riot maintained its industry-leading financial position, with $442.3 million in working capital and $290.1 million in cash on hand, providing ample resources to support its growth plans.
Riot CEO Hails “Ongoing Execution”
Riot’s CEO, Jason Les, said that he is “excited” about the company’s third-quarter results and that they “demonstrate ongoing execution of our long-term strategic plan to grow and thrive post-halving.” He also said that the firm is “confident” that the steps it has taken will position it as a “leading low-cost producer” of Bitcoin and allow it to “continue to fund our growth plans and enhance our balance sheet strength ahead of the upcoming ‘halving.’”
Overall, Riot Platforms had a strong third quarter and is well-positioned for continued success in the years to come. The company’s strong financial position, execution of its growth plans, and industry-leading hash rate capacity make it a compelling investment opportunity.