In Q1, Riot Platforms mined 1,364 BTC, which is a 36% drop from Q1 2023.
The firm aims to raise its hash rate capacity from 12.4 EH/s to 31 EH/s by year’s end.
Despite missing revenue projections, Bitcoin (BTC) mining business Riot Platforms announced a whopping $211.8 million net income for Q1 2024, up 1,000% year-over-year. The primary driver of the 55.4% year-on-year growth in mining income to $74.6 million, as revealed in Riot’s first quarter earnings announced May 1, was the 131% surge in Bitcoin’s price.
Total revenue for the company came in at $79.3 million, which is 14% lower than what research firm Zacks had predicted. Lower Bitcoin output and higher mining expenses owing to an increase in Bitcoin’s network difficulty and hash rate slightly halted a growth in net income and mining revenue, according to the miner.
Aiming to Raise Hash Rate Capacity
In Q1, Riot mined 1,364 BTC, which is a 36% drop from Q1 2023. According to Riot, the price rise of 144% from this time last year was “primarily driven by an increase of 89% in global network hash rate,” which resulted in an average cost of $23,000 to mine 1 Bitcoin.
Last month, Riot announced a new facility in Corsicana, Texas. CEO Jason Les thinks that once completely constructed, this facility would become the biggest dedicated Bitcoin mining facility in the world. The mining company said that it will raise its hash rate capacity from 12.4 EH/s to 31 EH/s by year’s end.
In the long run, the company aims to achieve 100 EH/s in 2027 or shortly after. Based on the data provided by Hashrate Index, Riot is now the third greatest hash rate among miners, only behind Marathon Digital (24.7 EH/s) and Core Scientific (16.9 EH/s).
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