Bitcoin mining company Riot Platforms has released its financial report for the third quarter, showcasing notable improvements despite missing earnings and sales estimates.
Per the report, Riot Platforms generated 1,106 Bitcoins during the quarter, marking an increase compared to the same period in 2022 when they produced 1,042 Bitcoins.
The boost in Bitcoin ( BTC) production was driven by a rise in deployed miners, although it was partially offset by increased curtailment due to the company’s power strategy and the growing difficulty of the Bitcoin network.
Notably, Riot Platforms experienced a surge in total revenue, reaching $51.9 million, compared to $46.3 million during the same period in 2022.
This increase can be attributed to both higher Bitcoin production and higher average Bitcoin prices, which averaged $28,230 per Bitcoin for the quarter, representing a 33% increase compared to the previous year.
However, the company still missed the analyst consensus estimate of $77.50 million for revenue by 33.03%.
Riot’s Average Cost to Mine BTC Was at $6,000
The average cost to mine Bitcoin for Riot Platforms was $6,141 during Q3, a significant improvement compared to $8,227 per Bitcoin in the same period of 2022.
The company also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year.
“We are extremely pleased to report that our power strategy successfully drove down our 2023 year-to-date average cost to mine to $5,537 per Bitcoin, further solidifying our position as a leading low-cost producer of Bitcoin,” Jason Les, CEO of Riot, said in a statement.
As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins.
These Bitcoins, produced through the company’s self-mining operations, hold an estimated value of approximately $197.6 million based on a market price of $26,968 per coin.
Riot Raises Over $200 Million Through Sale of Common Stock
During the recent quarter, Riot Platforms also successfully raised significant capital through the sale of its common stock.
Under its 2023 At-the-Market Offering, the company could offer and sell up to $750 million in common stock.
Riot garnered net proceeds of approximately $126.0 million during the third quarter, and an additional $101.1 million after September 30, 2023, totaling over $200 million raised through the sale of shares.
As reported, Bitcoin miners recorded over 10% stock growth last week as the leading cryptocurrency surged past $35,000, close to its 17-month high.
On Friday, Marathon Digital Holdings posted a 10.54% uptick in its share price trading at $9.86.
Likewise, Riot Platforms and CleanSpark have seen their share price increase by 10.68% and 12.08%, respectively.
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