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Home»ADOPTION NEWS»Riot Platforms Reports Q2 2024 Results, $70M Revenue, 22 EH/s Hash Rate
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Riot Platforms Reports Q2 2024 Results, $70M Revenue, 22 EH/s Hash Rate

By Crypto FlexsAugust 1, 20244 Mins Read
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Riot Platforms Reports Q2 2024 Results, M Revenue, 22 EH/s Hash Rate
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Jorg Hiller
August 1, 2024 07:32

Riot Platforms reports Q2 2024 earnings despite Bitcoin halving, reporting $70 million in revenue and a hash rate of 22 EH/s.





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

Operational Highlights

During the quarter, Riot powered up its second large-scale facility in Corsicana, Texas, bringing the 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 400MW phase. Riot also expanded operations at its 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 to both facilities. The acquisition is expected to expand Riot’s capacity to over 300 MW by the end of 2025, bringing Riot’s potential capacity to over 2 gigawatts (GW).

Financial Performance

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

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

Earnings Details

Bitcoin mining revenue for the quarter was $55.8 million, down from $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.

As of June 30, 2024, the company held 9,334 Bitcoins worth approximately $585 million, all of which were produced through its own mining operations. Despite a net loss of $84.4 million for the quarter, Riot’s industry-leading financial position and strategic growth initiatives highlight the company’s resilience and long-term vision.

Future outlook

Riot expects to reach a total self-mining hash rate capacity of 36 EH/s by the end of 2024. The Corsicana facility will have a total capacity of 1 GW when fully developed, making it the largest known Bitcoin mining facility by developed capacity. Riot’s recent acquisition of Block Mining also revitalizes its growth pipeline, with plans to expand its operational capacity in Kentucky.

In February 2024, Riot launched its 2024 ATM Offering, selling 42.7 million shares of common stock in the first half of the year, raising net proceeds of approximately $516.4 million. In July, Riot sold 6.6 million shares, raising an additional $61 million, bringing the total outstanding shares to 303.5 million as of July 29, 2024.

conclusion

Riot Platforms continues to demonstrate strong operational growth and strategic execution, establishing 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 solid financial health and strategic acquisitions underscore the company’s commitment to expanding its mining capacity and operational efficiency.

Image source: Shutterstock


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