Riot Platforms, a leading Bitcoin mining company, has released its financial report for the third quarter of 2024. The report reveals that the company generated total revenue of $84.8 million during this period, with Bitcoin mining revenue accounting for $67.5 million. However, Riot Platforms reported a significant net loss of $154.4 million, resulting in a loss of $0.54 per share, which far exceeded market expectations of a loss of $0.18 per share.
Despite the financial setbacks, Riot Platforms maintained a stable Bitcoin production output, mining a total of 1,104 Bitcoins in the third quarter, which is nearly identical to the 1,106 Bitcoins mined during the same period last year. As of the end of the quarter, the company held approximately $1.3 billion in cash, restricted cash, and marketable securities, along with a substantial reserve of 10,427 Bitcoins.
These findings highlight the challenges faced by Bitcoin mining companies like Riot Platforms in navigating the volatile cryptocurrency market while striving to maintain consistent mining output and financial stability.