Bitcoin mining company Riot reported $84.8 million in revenue for Q3 2024, up 65% from Q3 2023, driven by a 159% increase in deployed hash rate reaching 28 EH/s. The company produced 1,104 Bitcoin during the quarter. However, net loss for the quarter reached $154.4 million, up from $80 million in the same quarter of 2023.
Riot CEO Jason Les announced plans for expanding mining capacity to 100 EH/s and revised self-mining hash rate capacity expectations to 34.9 EH/s by the end of 2024, down from the previously projected 36.3 EH/s.
