Bitcoin miner Riot Platforms posts Q2 2023 results, forecasts expansion
- Riot Platforms, Inc. reported a significant revenue increase driven by heightened Bitcoin production.
- The firm has positioned itself for robust financial growth and hash rate expansion.
Riot Platforms, Inc., a Bitcoin mining firm, has revealed its financial results for the second quarter of 2023. The company reported a record-breaking hash rate capacity and expanded execution of its power strategy.
The unaudited financial statements and presentation materials related to the quarter are accessible on Riot’s website.
Revolutionizing Bitcoin mining landscape with strong financial growth
Total revenue in the second quarter was $76.7 million. The company experienced a 27% increase in bitcoin production, contributing to the $3.8 million rise in total revenue compared to the same quarter last year.
Notably, Riot anticipates achieving a self-mining hash rate capacity of 12.5 exahashes per second (EH/s) in Q4 2023.
The firm produced 1,775 BTC during the quarter, attributed to increased miner deployment. Its BTC mining revenue reached $26.1 million, slightly lower due to decreased BTC prices.
Jason Les, CEO of Riot, expressed enthusiasm about the Q2 2023 results. This quarter saw their average cost to mine Bitcoin reduced to $8,389 per Bitcoin, compared to an average price of $28,024.
Significant financial strides and expansion plans ahead
The financial results indicated that Bitcoin mining revenue exceeded mining cost of revenues.
Riot’s hash rate capacity growth plans remain robust, with upcoming projects aiming to achieve substantial self-mining capacity. The company expects a total self-mining hash rate capacity of 12.5 EH/s by Q4 2023 and a capacity of 20.1 EH/s by mid-2024.
The news also highlighted Riot’s strong visibility on its growth plan through 2025. The company’s At-the-Market Offering (ATM) allowed it to raise net proceeds of approximately $184.7 million during the first six months of 2023.
In July 2023, the company garnered around $6.6 million by selling 570,645 shares under the 2022 ATM sales agreement. These shares were priced at an average fair value of $11.78 per share. This successful transaction marked the full utilization of the $500.0 million worth of common stock shares available for sale.
The company’s integrated strategy spans Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.