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Sep 30, 2024
Riot Q3 2024 Earnings Report
Riot achieved revenue growth and maintained a strong hash rate despite the Bitcoin halving.
Key Takeaways
Riot Platforms reported $84.8 million in total revenue for Q3 2024, a 65% increase compared to Q3 2023. The company produced 1,104 Bitcoin, in line with the previous year, despite the halving event. Riot maintained a strong financial position with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and Bitcoin holdings.
Total revenue reached $84.8 million, a 65% increase year-over-year.
Bitcoin mining revenue was $67.5 million, driven by higher Bitcoin prices and increased hash rate.
Maintained a strong financial position with $1.3 billion in cash, restricted cash, marketable equity securities, and Bitcoin holdings.
Produced 1,104 Bitcoin during the quarter, despite the block subsidy halving.
Riot
Riot
Forward Guidance
Riot anticipates a total self-mining hash rate capacity of 34.9 EH/s by the end of 2024 and now expects to complete the full development of the Corsicana Facility in 2026 and, alongside expansion plans in the Kentucky Facilities, to achieve a hash rate capacity of 65.7 EH/s by the end of 2026.
Challenges Ahead
- Slower than planned expansion in the recently acquired Kentucky facilities.
- Previous 2025 expansion plans in Kentucky now being pushed out into 2026.
- Longer than anticipated lead times for the next substation at the Corsicana Facility.
- Two new buildings coming online in 2025 versus prior expectations for three buildings.