tl;dr
Riot Platforms (NASDAQ:RIOT) reported Q1 EPS of $0.82, which may not be comparable to the consensus of -$0.21. The revenue of $79.3M, showing an 8.3% year-over-year increase, missed by $16.22M. The revenue increase was primarily driven by a 131% surge in Bitcoin prices compared to the same period in...
Riot Platforms (NASDAQ:RIOT) reported Q1 EPS of $0.82, which may not be comparable to the consensus of -$0.21. The revenue of $79.3M, showing an 8.3% year-over-year increase, missed by $16.22M. The revenue increase was primarily driven by a 131% surge in Bitcoin prices compared to the same period in 2023, partially offset by reduced Bitcoin production. Production yielded 1,364 Bitcoin, marking a 36% drop from the prior year, attributed to a significant increase in Bitcoin network difficulty, which has more than doubled since January 2023. The average cost to mine Bitcoin was $23,034 per Bitcoin in the quarter, up from $9,438 in the same period in 2023. This surge was driven by an 89% hike in the global network hash rate compared to the same period in 2023. Riot foresees achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024.
More about Riot Blockchain Inc
Riot Blockchain Inc Summary
Riot Blockchain, Inc. focuses on cryptocurrency mining operations in North America. The company is headquartered in Castle Rock, Colorado.
Industry
Life Sciences, In Vitro & In Vivo Diagnostic Substances
Financial Data
Revenue: $2,563,269,000
Net Income: -$280,678,000
Earnings per Share: -$0.28
Price to Earnings Ratio: 1.604
Earnings per Share Growth: -0.176
Market Cap: $20.08 billion
Dividend Yield: 2.333%
Beta: 0.31
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