Bitcoin miner Riot Platforms has reported its highest-ever quarterly revenue

Bitcoin miner Riot Platforms has reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled

Bitcoin miner Riot Platforms has reported its highest-ever quarterly revenue but still posted a loss as mining costs have nearly doubled compared to the same time last year and it moves to bolster its facilities.

Riot Platforms (RIOT) on May 1 reported its first-quarter earnings that missed Wall Street estimates on Thursday as the company’s bitcoin mining costs soared 86% year-over-year.

Its stock fell sharply in after-hours trading.

Riot Platforms’ earnings per share came in at $0.02, missing analysts’ expectations of $0.04, according to data from Benzinga. Revenue, however, exceeded predictions. The company realized $161.4 million in revenue for the quarter, narrowly beating the anticipated $159.79 million.

The company’s revenue also soared compared to the first quarter of 2024, where it reported $107.1 million in revenue.

Its total bitcoin mining costs were $370,888, a significant increase from the $200,900 reported in the year-ago quarter. The average cost to mine one bitcoin over the quarter was $43,808, nearly double the $23,034 cost in the same period last year.

“The increase was primarily driven by the block subsidy ‘halving' event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024,” Riot said.

Despite mining 166 more bitcoin during the quarter than it did over the same period in 2024, its net income was a loss of $296,367. Last year, the company reported net income of $211,777.

Bitcoin miner revenue may nearly triple in 2024 as miners navigate halving and rising hashprice

Its bitcoin holdings at the end of the quarter totaled 19,223, valued at approximately $1.86 billion at the time of writing.

Earlier this month, Riot announced that it had used its massive bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase (NASDAQ:COIN) as the cryptocurrency miner eyes continued expansion.

“We are pleased to report another record quarter for bitcoin production and a new high in revenue,” said Jason Les, CEO of Riot.

“Our team executed well in a rapidly changing market, adjusting to the mining subsidy ‘halving’ and the significant increase in network hashrate. We remain focused on maximizing efficiency and managing expenses to drive profitability in the coming quarters.”

According to Google Finance, shares in Riot Platforms (RIOT) closed May 1 trading up 7.32%, trading at $7.77.

Meanwhile, at the time of writing, Bitcoin is trading at $97,072.

The post Riot Platforms reports highest-ever quarterly revenue but misses on earnings as mining costs soar 86% y-o-y appeared first on Chain Drive.