Riot Q2 2023 Earnings Report
Key Takeaways
Riot Platforms reported a revenue of $76.7 million, a rise from $72.9 million in the same period last year. The increase was primarily driven by a 27% increase in Bitcoin production. The company produced 1,775 Bitcoin during the quarter, up from 1,395 in the same period of 2022, and maintained a strong financial position with $289.2 million in cash on hand.
Total revenue reached $76.7 million, compared to $72.9 million in Q2 2022.
Bitcoin production increased to 1,775, up from 1,395 in the same quarter last year.
Power curtailment credits earned totaled $13.5 million, a significant increase from $5.7 million in Q2 2022.
The company maintained a robust financial position, holding $289.2 million in cash.
Riot
Riot
Forward Guidance
Riot anticipates reaching a self-mining hash rate capacity of 12.5 EH/s in Q4 2023 as Building G is brought back online. By mid-2024, with the deployment of MicroBT miners, the total self-mining hash rate capacity is expected to reach 20.1 EH/s.
Positive Outlook
- Building G is expected to be back online in Q4 2023, increasing hash rate capacity.
- New MicroBT miners are expected to add 7.6 EH/s by mid-2024.
- Total self-mining hash rate capacity is projected to reach 20.1 EH/s by mid-2024.
- Riot has an option to purchase additional miners, potentially adding 15.3 EH/s of capacity.
- The company is focused on expanding its mining infrastructure and capabilities.
Challenges Ahead
- Damage to Building G in December 2022 has delayed hash rate growth.
- The full capacity of Building G (2.4 EH/s) is not expected to be online until September.
- Achieving the 20.1 EH/s target is dependent on the successful deployment of new miners.
- The additional purchase option for miners is solely at Riot's election.
- There may be risks and uncertainties associated with construction, deployment, and integration of new equipment.