Riot Platforms Hits Record with $76.7M Revenue and Unveils Massive Future Growth in Bitcoin Mining

 Riot Platforms, a leader in Bitcoin mining, reports a record total revenue of $76.7 million in Q2 2023. The increase comes from a 27% rise in Bitcoin production.

The company mined 1,775 Bitcoins, up from 1,395 the previous year. Consequently, the average cost to mine Bitcoin fell to $8,389. This efficiency, combined with lower Bitcoin prices averaging $28,024, drove the growth.

CEO Jason Les announced long-term agreements to acquire next-generation miners from MicroBT. As a result, Riot will add 7.6 EH/s in capacity by mid-2024. Furthermore, an agreement with Midas Immersion will secure 200 megawatts of immersion cooling systems.

Riot also managed to earn $13.5 million in power curtailment credits during the quarter. This, along with increases in mining revenue and engineering revenue, contributed to the positive financial results.

Lastly, the company expects to reach 12.5 EH/s hash rate capacity in Q4 2023, after repairs to damage incurred during a Texas storm. In addition, Riot received net proceeds of $184.7 million from selling shares under its ATM Offering.

With strong financial results and promising future growth, Riot Platforms continues to play a leading role in the Bitcoin industry. The focus on innovation and strategic partnerships positions the company for continued success.

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