Riot Platforms Reports Q2 2024 Financials with $70M Revenue and 22 EH/s Hash Rate

Riot
Platforms,
Inc.
(NASDAQ:
RIOT),
a
leader
in
vertically
integrated
Bitcoin
mining,
has
reported
its
financial
results
for
the
second
quarter
of
2024.
The
company
achieved
a
total
revenue
of
$70
million
and
a
deployed
hash
rate
of
22.0
exahashes
per
second
(EH/s),
according
to

riotplatforms.com.

Operational
Highlights

During
the
quarter,
Riot
energized
its
second
large-scale
facility
in
Corsicana,
Texas,
bringing
two
buildings
online
with
a
combined
capacity
of
200
megawatts
(MW).
The
remaining
two
buildings
at
the
Corsicana
facility
are
expected
to
be
fully
operational
by
the
end
of
2024,
completing
the
first
400
MW
phase.
Additionally,
Riot
expanded
its
operations
at
the
Rockdale
Facility,
nearly
doubling
its
installed
hash
rate
to
22
EH/s
as
of
June
30,
2024.

In
July,
Riot
acquired
Block
Mining
Inc.,
a
vertically
integrated
Bitcoin
miner
in
Kentucky,
adding
60
MW
of
power
capacity
across
two
facilities.
The
acquisition
is
anticipated
to
expand
Riot’s
capacity
to
over
300
MW
by
the
end
of
2025,
pushing
Riot’s
potential
capacity
to
over
2
gigawatts
(GW).

Financial
Performance

Riot
reported
a
total
revenue
of
$70
million
for
Q2
2024,
a
slight
decrease
from
$76.7
million
in
Q2
2023.
The
decrease
was
primarily
due
to
a
$9.7
million
decline
in
Engineering
revenues,
partially
offset
by
a
$6
million
increase
in
Bitcoin
Mining
revenue.
The
company
produced
844
Bitcoin
during
the
quarter,
down
52%
from
1,775
Bitcoin
in
Q2
2023,
primarily
due
to
the
Bitcoin
block
subsidy
halving
event
in
April
2024
and
increased
network
difficulty.

The
average
direct
cost
to
mine
Bitcoin,
including
power
credits,
was
$25,327,
up
from
$5,734
per
Bitcoin
in
Q2
2023.
This
increase
was
driven
by
the
halving
event
and
a
68%
rise
in
global
network
hash
rate.
Riot
generated
$13.9
million
in
power
credits
during
the
quarter,
slightly
up
from
$13.5
million
in
Q2
2023.

Revenue
Breakdown

Bitcoin
Mining
revenue
for
the
quarter
stood
at
$55.8
million,
compared
to
$49.7
million
in
Q2
2023.
Engineering
revenue
was
$9.6
million,
down
from
$19.3
million
in
the
same
period
last
year.
Riot
also
maintained
a
strong
financial
position
with
$646.5
million
in
working
capital,
including
$481.2
million
in
cash.

The
company
held
9,334
Bitcoin,
valued
at
approximately
$585
million
as
of
June
30,
2024,
all
produced
through
its
self-mining
operations.
Despite
a
net
loss
of
$(84.4)
million
for
the
quarter,
Riot’s
industry-leading
financial
position
and
strategic
growth
initiatives
highlight
its
resilience
and
long-term
vision.

Future
Outlook

Riot
anticipates
achieving
a
total
self-mining
hash
rate
capacity
of
36
EH/s
by
the
end
of
2024.
The
Corsicana
Facility,
upon
full
development,
will
have
a
total
capacity
of
1
GW,
making
it
the
largest
known
Bitcoin
mining
facility
by
developed
capacity.
The
recent
acquisition
of
Block
Mining
has
also
boosted
Riot’s
growth
pipeline,
with
plans
to
expand
operational
capacity
in
Kentucky.

In
February
2024,
Riot
initiated
the
2024
ATM
Offering,
raising
approximately
$516.4
million
in
net
proceeds
from
the
sale
of
42.7
million
shares
of
common
stock
during
the
first
half
of
the
year.
An
additional
$61
million
was
raised
from
the
sale
of
6.6
million
shares
in
July,
bringing
the
total
shares
outstanding
to
303.5
million
as
of
July
29,
2024.

Conclusion

Riot
Platforms
continues
to
demonstrate
strong
operational
growth
and
strategic
execution,
positioning
itself
as
a
leader
in
the
Bitcoin
mining
industry.
Despite
the
challenges
posed
by
the
Bitcoin
halving
event
and
increased
network
difficulty,
the
company’s
robust
financial
health
and
strategic
acquisitions
underscore
its
commitment
to
expanding
its
mining
capacity
and
operational
efficiency.

Image
source:
Shutterstock