Riot’s net income was boosted by a 131% year-on-year increase in Bitcoin’s price despite the cryptocurrency becoming more difficult and expensive to mine.
Bitcoin (BTC) mining firm Riot Platforms reported a $211.8 million net income for Q1 2024 — a company record and a 1,000% increase from the same time last year — but missed analyst revenue estimates.
Riot’s first quarter results released May 1 show minin revenue spiked 55.4% year-on-year to $74.6 million, primarily driven by a 131% increase in Bitcoin’s price.
The firm's total revenue was $79.3 million, fallin 14% short of estimates by research firm Zacks.
