Bitcoin mining company Riot Platforms released its third quarter 2023 financial results on Thursday, highlighting the company’s increasing bitcoin production and decreasing costs per coin mined.
In Q3, Riot produced 1,106 bitcoins, a 14% increase over the previous quarter. The company attributes this growth to the expansion of its mining operations in Texas and Georgia. Riot’s average bitcoin mining cost per coin also dropped to $5,537 in Q3, down from $6,532 in Q2. This reduction in costs was driven by Riot’s deployment of its latest generation miners which boast power efficiency improvements.
Metric | Q2 2023 | Q3 2023 | Change |
---|---|---|---|
Bitcoin Production (in BTC) | – | 1,106 | +14% |
Mining Cost per Bitcoin ($) | $6,532 | $5,537 | -15.3% |
Cash Position (in millions) | – | $290 | – |
Bitcoins Held | – | 7,327 | – |
Bitcoin Production Hashrate (EH/s) | 10.9 | 12.5 (Projected) | +14.7% (Projected) |
Additional Capital Raised (in millions) | – | $100 | – |
This table provides a quick snapshot of Riot Platforms’ key financial and operational metrics for Q2 and Q3 2023.
Riot ended the quarter with a strong balance sheet including $290 million in cash and 7,327 bitcoins held. The company expects to further scale up its operations in Q4, projecting a bitcoin production hashrate of 12.5 exahash per second (EH/s) by year-end, up from 10.9 EH/s at the end of Q3.
To fund this expansion, Riot sold a further 10.2 million shares of common stock in October, raising $100 million in additional capital.
“Our mining fleet expansion and hashrate growth remains on schedule, and we continue to hit our deployment targets,” said Jason Les, CEO of Riot. “With our stable cash position and lean operations, we remain focused on executing our plans to become one of the largest publicly traded bitcoin miners in the world.”
The positive Q3 report indicates Riot’s position as a leading publicly-traded Bitcoin miner in the United States continues to solidify. With bitcoin prices recently surpassing $25,000 again, Riot remains well-positioned to capitalize on crypto market momentum heading into the end of 2023.