{"id":11501,"date":"2023-11-09T06:21:39","date_gmt":"2023-11-09T06:21:39","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/generates-1106-bitcoins-and-raises-over-200-million\/"},"modified":"2023-11-09T06:21:40","modified_gmt":"2023-11-09T06:21:40","slug":"generates-1106-bitcoins-and-raises-over-200-million","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11501","title":{"rendered":"Generates 1,106 Bitcoins and Raises Over $200 Million"},"content":{"rendered":"<div>\n<figure id=\"attachment_128895\" aria-describedby=\"caption-attachment-128895\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128895\" class=\"wp-caption-text\">Source: AdobeStock \/ Photocreo Bednarek<\/figcaption><\/figure>\n<p>Bitcoin mining company <strong>Riot Platforms<\/strong> has released its financial report for the third quarter, showcasing notable improvements despite missing earnings and sales estimates.<\/p>\n<p>Per the report, Riot Platforms generated 1,106 Bitcoins during the quarter, marking an increase compared to the same period in 2022 when they produced 1,042 Bitcoins.<\/p>\n<p>The boost in Bitcoin ( BTC) production was driven by a rise in deployed miners, although it was partially offset by increased curtailment due to the company\u2019s power strategy and the growing difficulty of the Bitcoin network.<\/p>\n<p>Notably, Riot Platforms experienced a surge in total revenue, reaching $51.9 million, compared to $46.3 million during the same period in 2022.<\/p>\n<p>This increase can be attributed to both higher Bitcoin production and higher average Bitcoin prices, which averaged $28,230 per Bitcoin for the quarter, representing a 33% increase compared to the previous year.<\/p>\n<p>However, the company still missed the analyst consensus estimate of $77.50 million for revenue by 33.03%.<\/p>\n<h2>Riot\u2019s Average Cost to Mine BTC Was at $6,000<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The average cost to mine Bitcoin for Riot Platforms was $6,141 during Q3, a significant improvement compared to $8,227 per Bitcoin in the same period of 2022.<\/p>\n<p>The company also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year.<\/p>\n<p>\u201cWe are extremely pleased to report that our power strategy successfully drove down our 2023 year-to-date average cost to mine to $5,537 per Bitcoin, further solidifying our position as a leading low-cost producer of Bitcoin,\u201d Jason Les, CEO of Riot, said in a statement.<\/p>\n<p>As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins.<\/p>\n<p>These Bitcoins, produced through the company\u2019s self-mining operations, hold an estimated value of approximately $197.6 million based on a market price of $26,968 per coin.<\/p>\n<h2>Riot Raises Over $200 Million Through Sale of Common Stock<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>During the recent quarter, Riot Platforms also successfully raised significant capital through the sale of its common stock.<\/p>\n<p>Under its 2023 At-the-Market Offering, the company could offer and sell up to $750 million in common stock.<\/p>\n<p>Riot garnered net proceeds of approximately $126.0 million during the third quarter, and an additional $101.1 million after September 30, 2023, totaling over $200 million raised through the sale of shares.<\/p>\n<p>As <span data-preserver-spaces=\"true\">reported<\/span>, Bitcoin miners recorded over 10% stock growth last week as the leading cryptocurrency surged past $35,000, close to its 17-month high.<\/p>\n<p>On Friday, Marathon Digital Holdings posted a 10.54% uptick in its share price trading at $9.86.<\/p>\n<p>Likewise, Riot Platforms and CleanSpark have seen their share price increase by 10.68% and 12.08%, respectively.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/riot-platforms-reports-q3-results-generates-1106-bitcoins-and-raises-over-200-million.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Photocreo Bednarek Bitcoin mining company Riot Platforms has released its financial report for the third quarter, showcasing notable improvements&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11501","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Generates 1,106 Bitcoins and Raises Over $200 Million | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Photocreo Bednarek Bitcoin mining company Riot Platforms has released its financial report for the third quarter, showcasing notable\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11501\" \/>\n<meta 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