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 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.

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).

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

CoinCu News