Riot Platforms, a vertically-integrated Bitcoin mining company, reported significant developments in its financial performance and business operations for the quarter ended September 30, 2024. Financially, the company saw a substantial increase in Bitcoin Mining revenue, reaching $67.5 million for the quarter, primarily due to higher Bitcoin prices. Engineering revenue, however, decreased to $12.6 million due to supply chain constraints. The company's segment gross profit for the quarter was $12.789 million, a notable improvement from the $11.617 million loss in the same period the previous year. Riot Platforms also reported a net loss before taxes of $154.330 million for the quarter, attributed to various factors including changes in the fair value of Bitcoin and derivative assets. Business development saw the completion of the acquisition of Block...Show More

Riot Platforms, a vertically-integrated Bitcoin mining company, reported significant developments in its financial performance and business operations for the quarter ended September 30, 2024. Financially, the company saw a substantial increase in Bitcoin Mining revenue, reaching $67.5 million for the quarter, primarily due to higher Bitcoin prices. Engineering revenue, however, decreased to $12.6 million due to supply chain constraints. The company's segment gross profit for the quarter was $12.789 million, a notable improvement from the $11.617 million loss in the same period the previous year. Riot Platforms also reported a net loss before taxes of $154.330 million for the quarter, attributed to various factors including changes in the fair value of Bitcoin and derivative assets. Business development saw the completion of the acquisition of Block Mining, adding to Riot's mining capacity. The company also continued to deploy miners at its Rockdale Facility and commenced operations at the Corsicana Facility. Riot Platforms has ceased offering data center hosting services to focus on self-mining efforts. Looking ahead, Riot Platforms is focused on expanding its mining operations, with plans to achieve a total self-mining hash rate capacity of approximately 34.9 EH/s by the end of 2024. The company is also developing the Corsicana Facility, which is expected to have 1.0 GW of capacity available for Bitcoin Mining activities upon completion.