Bitcoin

Riot Reported Third Quarter 2022 Financial Results with 1,042 Bitcoin Produced

On November 7, Riot reported financial results for the third quarter of 2022, current operational and financial highlights.

Riot Reported Third Quarter 2022 Financial Results with 1,042 Bitcoin Produced 4

Riot Blockchain, Inc., a Bitcoin mining and data center hosting industry leader, released financial results for the three months that ended September 30, 2022.

Riot reports third-quarter 2022 results of $46.3 Million in total revenue, 1,042 Bitcoin produced, $13.1 million in power credits, and record hash rate capacity.

Riot Reported Third Quarter 2022 Financial Results with 1,042 Bitcoin Produced 5

Some financial highlights have been marked down below:

Total revenue of $46.3 million for the three months ended September 30, 2022, principally driven by decreased Bitcoin output from considerable power curtailment and a 49% drop in Bitcoin’s market price.
$13.1 million in power curtailment credits, equivalent to 760 Bitcoin, when computed using monthly average Bitcoin prices.
Produced 1,042 Bitcoin from July to September 2022. Lower Bitcoin output was largely due to restrictions this quarter.
Lower Bitcoin output due to restriction and a 49% drop in Bitcoin’s market price led to $22.1 million in mining income for the three months ending September 30, 2022.
Data center hosting revenue of $8.4 million for the three months ended September 30, 2022, driven by reduced customer billings owing to major curtailment actions and lower revenue sharing from customers due to decreasing Bitcoin values.
After acquiring ESS Metron in Q4 2021, engineering revenue was $15.8 million in Q3 2022. Total reservations until September 30, 2022, were $142.5 million, a 43% increase from June 30, 2022.
As of September 30, 2022, the company’s self-mining activities have produced $369.8 million in working capital, $255.0 million in cash on hand, and 6,766 Bitcoin (unaudited).

Riot Reported Third Quarter 2022 Financial Results with 1,042 Bitcoin Produced 6

This quarter’s results were a strong testament to the benefits of Riot’s vertically-integrated and diverse business model to Riot CEO Jason Les, this quarter’s results were a strong testament to the benefits of Riot’s vertically-integrated and diverse business model.

“Despite rising energy prices, which significantly impacted many Bitcoin miners, Riot was able to leverage our long-term fixed rate power contract to generate significant power credits and in doing so, significantly reduce our operating costs.

Additionally, our strong liquidity position has enabled us to remain focused on executing our growth plans and achieving new records in hash rate capacity, as we work towards our goal of becoming the world’s leading Bitcoin-driven infrastructure platform,” said Les.

Recently, companies in the mining industry are also suffering heavy losses with names like Core Scientific, Compute North, and Argo Blockchain.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.