- Riot Platforms’ Q1 net income soars to $211.8 million, up 1,000%.
- Bitcoin mining firm’s revenue hits $74.6 million, a 55.4% year-over-year increase.
- Riot aims for 100 EH/s hash rate capacity by 2027 or sooner.
Despite falling short of revenue expectations, the Bitcoin
Riot’s total revenue was $79.3 million, which fell 14% below the forecast made by the research firm Zacks. The company’s net income and mining revenue growth were somewhat tempered by a decrease in Bitcoin production and rising mining costs, which were due to a higher network difficulty and overall hash rate for Bitcoin.
Efforts to Expand Hash Rate Capacity
Riot produced 1,364 BTC in the first quarter, a 36% decrease from the same period in the previous year. The company stated that the 144% price increase from the year before was mainly due to an 89% rise in the global network hash rate, leading to an average mining cost of $23,000 per Bitcoin.
Riot recently announced the development of a new facility in Corsicana, Texas. The CEO, Jason Les, believes that once fully operational, this site will be recognized as the largest dedicated Bitcoin mining facility globally. The company has plans to increase its hash rate capacity from the current 12.4 EH/s to 31 EH/s by the end of the year.
Looking ahead, Riot’s goal is to reach a hash rate capacity of 100 EH/s in 2027 or shortly thereafter. According to Hashrate Index data, Riot currently holds the third-highest hash rate among mining companies, trailing only Marathon Digital, which has 24.7 EH/s, and Core Scientific, with 16.9 EH/s.
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