TechFlow news, October 31 — According to The Block, Bitcoin mining company Riot Platforms released its Q3 2024 financial results. The report showed that the company's total revenue for the third quarter reached $84.8 million, with $67.5 million coming from Bitcoin mining operations. It reported a net loss of $154.4 million, or $0.54 per share, significantly worse than the market expectation of a $0.18 per-share loss.
Specific data revealed that Bitcoin mining gross margin (excluding depreciation) was 42%, a sharp decline from 181% in the same period last year, primarily due to rising costs in electricity, labor, and insurance. During the quarter, the company produced 1,104 Bitcoins, nearly flat compared to 1,106 BTC in the prior-year period. As of the end of the quarter, Riot held approximately $1.3 billion in cash, restricted cash, and marketable securities, along with 10,427 Bitcoins.
Due to slower-than-expected expansion progress at its newly acquired facility in Kentucky, Riot has revised downward its self-mining hash rate target for the end of 2024 from 36.3 EH/s to 34.9 EH/s. The 2025 target has also been reduced from 56.6 EH/s to 46.7 EH/s. The company’s stock dropped around 4% in after-hours trading, bringing its year-to-date decline to 32%.
