Riot Platforms, a prominent Bitcoin mining firm, disclosed a staggering $211.8 million net income for the first quarter of 2024, marking a remarkable 1,000% surge compared to the same period last year. However, the company fell short of analyst revenue projections.

Released on May 1, Riot's Q1 results showcased a notable 55.4% year-on-year increase in mining revenue, totaling $74.6 million, primarily propelled by a remarkable 131% surge in Bitcoin's price.

Despite the impressive performance, Riot's total revenue of $79.3 million fell short of expectations by research firm Zacks, undershooting estimates by 14%.

The mining giant attributed the slower-than-expected growth in net income and mining revenue to reduced Bitcoin production and heightened mining costs, stemming from the escalating network difficulty and hash rate of Bitcoin.

During Q1, Riot mined 1,364 BTC, marking a 36% decline compared to the same period in 2023. Additionally, the average cost to mine one Bitcoin surged to $23,000, marking a substantial 144% increase from the previous year, primarily fueled by an 89% surge in the global network hash rate.

Riot's recent announcement of a new facility in Corsicana, Texas, led by CEO Jason Les, is poised to become the largest dedicated Bitcoin mining facility globally upon full development.

The company aims to bolster its hash rate capacity from 12.4 exahashes per second (EH/s) to 31 EH/s by the end of the year. Furthermore, it anticipates ramping up its hash rate to 41 EH/s upon the Corsicana facility's full deployment in 2025, with a long-term target of reaching 100 EH/s by 2027 or shortly thereafter.

Presently, Riot boasts the third-largest hash rate among miners, trailing behind rivals Marathon Digital and Core Scientific, with hash rates of 24.7 EH/s and 16.9 EH/s, respectively, according to Hashrate Index.

Despite a 2.87% decline in share price on May 1 to $9.82, Riot witnessed a modest 1.1% increase in after-hours trading, as per Google Finance.

Bitcoin miners, including Riot, are recalibrating their strategies following the April 20 halving event, which slashed mining rewards from 6.25 BTC to 3.125 BTC, currently valued at around $180,600.