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Miner Riot Platforms Reports $154 Million Loss in QXNUMX

Miner Riot Platforms Reports $154 Million Loss in QXNUMX

HappyCoinNewsHappyCoinNews2024/11/01 16:44
By:HappyCoinNews

According to the third-quarter report, miner Riot Platforms' net loss was $154,4 million. This is more than in the second quarter, when this figure was $84,4 million. Company representatives explained the increase in the figure by a reduction in electricity loans, an increase in operating expenses and a decrease in influence.

Riot mined 1104 bitcoins in Q35, with the average value of each BTC being $376. The company currently holds 10 BTC worth about $427 million.

Overall, the largest miner's revenue increased by 65% ​​compared to 2023.

Riot generated $84,8 million in revenue this quarter, up 65% from the same quarter in 2023, said Riot Platforms CEO Jason Les.

The company was forced to abandon its ambitious plans to increase its hashrate due to problems at its US facilities. According to Les, by the end of 2024, the projected hashrate will drop to 34,9 EH/s from a planned 36,3 EH/s due to "slower than planned expansion" of newly acquired capacity in Kentucky.

Miner Riot Platforms Reports $154 Million Loss in QXNUMX image 0

Riot Hashrate Growth Predictions

Riot Platforms also expects its capacity to be 2025 EH/s in 46,7, down from its previous forecast of 56,6 EH/s. The company attributed this to the more complex and time-consuming commissioning of the substation at the Corsicana facility.

Once the Kentucky and Corsicana facilities are operating at full capacity, hashrate miner will be 65,7 EH/s. This is expected to happen by the end of 2026.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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