Riot Platforms Shares Climb as Q3 Earnings Beat Estimates on Record Revenue

Riot Platforms, a major bitcoin mining company, reported a surprising net income of $104.5 million for Q3, significantly reversing last year’s loss, and exceeded analyst expectations with record revenue of $180.2 million. This revenue, more than double from the previous year, was primarily driven by a $93 million spike in bitcoin mining revenue. The company reported mining 1,406 bitcoins at an average cost of $46,324 per coin, amid a 6.4% increase in bitcoin prices during the quarter. Additionally, Riot announced the development of a new 112 MW facility at its Corsicana, Texas data center, highlighting its aim to bolster operations as a diversified data center and bitcoin mining operator. As of September 30, Riot held approximately 19,287 bitcoins, with substantial value at around $2.2 billion. CEO Jason Les noted these advancements mark a major milestone in Riot's ambitious growth strategy.

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