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Dec 31, 2023
Riot Q4 2023 Earnings Report
Riot reported record results driven by higher Bitcoin production and prices, alongside power credits.
Key Takeaways
Riot Platforms reported record full-year 2023 results, including $280.7 million in total revenue, 6,626 Bitcoin produced, and a hash rate capacity of 12.4 EH/s. The company also earned $71.2 million in power credits and maintained a strong financial position with $597.2 million in cash on hand.
Total revenue reached $280.7 million, driven by increased Bitcoin production and higher Bitcoin prices.
The company earned $71.2 million in power credits through support of the ERCOT grid.
Riot produced 6,626 Bitcoin, a 19% increase compared to 2022.
Hash rate capacity increased by 28% to 12.4 EH/s.
Forward Guidance
Riot plans to energize the first building at its new Corsicana Facility at the end of Q1 2024 and expects its self-mining hash rate to grow to over 28 EH/s by the end of 2024 and over 38 EH/s by the end of 2025.
Positive Outlook
- Riot plans to energize the first building (Building A1) at its new Corsicana Facility at the end of Q1 2024.
- Miners will be brought online in batches over the first several weeks of April 2024.
- Building A2 is expected to be completed and brought online towards the end of Q2 2024.
- Buildings B1 & B2 being brought online during the third and fourth quarters of 2024.
- At this pace, Riot’s self-mining hash rate is expected to grow from 12.4 EH/s to over 28 EH/s by the end of 2024.
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