During the first quarter, Riot Platforms mined 1,364 BTC, marking a decrease of 36% compared to Q1 of 2023. The company has set its sights on increasing its hash rate capacity from 12.4 EH/s to 31 EH/s by the end of this year to enhance its mining operations.

Despite falling short of revenue expectations, Bitcoin mining firm Riot Platforms reported a substantial net income of $211.8 million for Q1 of 2024, showcasing a remarkable year-over-year increase of 1,000%. The key factor driving this growth was the 131% surge in Bitcoin's price, contributing to a 55.4% rise in mining income to $74.6 million, as disclosed in Riot's first-quarter earnings released on May 1.

Although the total revenue amounted to $79.3 million, slightly lower than Zacks' forecast, Riot Platforms cited reduced Bitcoin output and increased mining expenses due to elevated network difficulty and hash rate as factors that affected net income and mining revenue growth.

Setting Targets for Hash Rate Expansion

In the first quarter, Riot generated 1,364 BTC, indicating a decline of 36% compared to the same period in 2023. The company attributed this decrease to a 144% rise in the price since last year, primarily influenced by an 89% surge in the global network hash rate, resulting in an average mining cost of $23,000 per Bitcoin.

Recently, Riot revealed plans for a new mining facility in Corsicana, Texas, anticipated to become the largest dedicated Bitcoin mining site globally upon completion. With ambitions to boost hash rate capacity from 12.4 EH/s to 31 EH/s by the year's end, Riot aims for a longer-term goal of achieving 100 EH/s by 2027 or shortly thereafter. Current data from Hashrate Index positions Riot as the third-highest in hash rate among miners, trailing Marathon Digital (24.7 EH/s) and Core Scientific (16.9 EH/s).