Riot Platforms(US:RIOT)2024-05-01 12:25Financial Performance - Riot Platforms reported a net income of $211777 thousand for the three months ended March 31, 2024, compared to a net income of $18513 thousand for the same period in 2023[2] - Adjusted EBITDA for Q1 2024 was $245729 thousand, a significant increase from $81698 thousand in Q1 2023[2] - Revenue increased by 65% year-over-year, reaching $793 million in Q1 2024[41] - Bitcoin Mining revenue was $74597 thousand in Q1 2024, compared to $48023 thousand in Q1 2023[110] Bitcoin Production and Holdings - Bitcoin production decreased by 35% year-over-year to 1364 BTC in Q1 2024, due to an 89% increase in the average global network hash rate[23, 17] - The company held 8490 BTC as of March 31, 2024, with an estimated fair value of approximately $6056 million[8, 18] - The cost to mine 1 BTC was $23034 in Q1 2024[8] Hash Rate and Infrastructure - Ending hash rate deployed increased by 18% year-over-year to 124 EH/s in Q1 2024[39, 48] - The company is expanding its infrastructure with the Corsicana Facility, aiming for a hash rate of 315 EH/s by the end of 2024 and a long-term goal of 100 EH/s[35, 68] Operational Efficiency - Cost of power decreased by 10% to 38 c/kWh in Q1 2024, compared to 42 c/kWh in Q1 2023[8, 42] - Power curtailment credits increased by 67% year-over-year to $51 million in Q1 2024[20]