Riot recorded a net loss due to increased costs of launching cryptocurrency. In a financial report released on the 1st, the company cited the Bitcoin halving in April 2024 and the global cryptocurrency market as the main reasons for the loss.
According to the report, Riot posted total revenue of $161.4 million for the quarter, up 50% from the same period last year and beating Wall Street expectations.
However, the company recorded a net loss of $296,367, down 240% from the net profit of $211,777 in the same quarter last year.
Riot revealed that the average cost of mining one bitcoin this quarter was $43,808, down 90% from $23,034 in the same quarter a year ago.
The company attributed the increase to the block reward halving that took place in April 2024 and a 41% increase in the global average network hash rate compared to the same period last year.
During the quarter, Riot mined 166 more Bitcoins than it did in the same period last year. Given that Bitcoin is currently priced at around $97,072, this amounts to roughly $16.13 million.
Riot currently holds 19,223 Bitcoin, which is worth approximately $1.86 billion at market value.
2025/05/02 17:38 KST
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