Bitcoin Miner Riot Platforms Records All-Time High Revenue Despite Halving and Difficulty

Riot Platforms, one of the largest Bitcoin mining companies in the US and the world, has announced a net income of $211.8 million for the first half of 2024. This is a record figure for the company, achieved during a period when the halving has reduced miner rewards by half and mining difficulty has increased significantly.

Despite the halving and increasing mining difficulty, Bitcoin mining company Riot Platforms achieved its highest quarterly revenue in history. Riot announced its figures for the first quarter of 2024 yesterday.

The statement said that a net income of $211.8 million was achieved in the quarter, an increase of 1000% ($18 million) compared to the same period last year.

Building the world’s largest mining facility

Speaking at the earnings report meeting, company CEO Jason Les also spoke about the Corsicana facility, where the installation of mining equipment began last week, and said, “When this facility is fully operational, it will be the largest Bitcoin mining facility in the world.” Les also said that the company aims to triple its hash rate capacity by the end of the year.

Number of Bitcoins produced decreased: Halving and difficulty

RIOT also saw a decrease in the number of Bitcoins it produced compared to the same period (first quarter) last year. As of March 31, the company produced a total of 1364 BTC, while this figure was 2115 in the same period last year. The statement attributed this to the large increase in mining difficulty. One of the biggest reasons for the increase in mining difficulty was the halving. It is known that the halving date is April 20, which has caused companies to take action early and invest in new machines. This has caused a significant increase in mining difficulty before the halving.

The statement said that the cost of producing Bitcoin was $23,000, while this figure was $9,438 in the first quarter of last year.

The company’s shares, listed on the Nasdaq, closed yesterday’s trading day at $9.82. Shares have fallen about 47% since the beginning of the year.