Riot Platforms Hits $211 Million Income in Record Q1 Earnings

Riot Platforms reports a record-breaking net income of $211.8 million for Q1 2024, driven by a significant increase in Bitcoin's price.
Riot Platforms Hits $211 Million Income in Record Q1 Earnings
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Key Takeaways

  • Riot Platforms' net income surged to $211.8 million, up 1,000% year-on-year.
  • Bitcoin price increase of 131% significantly boosted Riot's revenue.
  • New Texas facility expected to make Riot a top global Bitcoin miner by 2025.

Riot Platforms achieved a net income of $211.8 million in Q1 2024, marking a 1,000% increase from the previous year, despite falling short of revenue estimates.

Impact of Bitcoin’s price surge

The firm’s mining revenue jumped 55.4% to $74.6 million, primarily due to a 131% rise in Bitcoin’s price over the year.

Challenges and expansion

Although net income rose, Riot faced challenges like a 36% drop in Bitcoin production and a 144% hike in mining costs.

Meanwhile, CEO Jason Les announced a new Texas facility aimed at significantly boosting Riot’s hash rate capacity.

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