Crypto miner Riot Platforms reported a net profit of $104.50 million in the third quarter, reversing losses in the previous quarter. Revenue reached a record $180.20 million, more than doubling year-on-year (from $84.80 million in the same period last year). The increase was mainly due to an increase of $93.3 million in bitcoin mining revenue, and the company mined a total of 1,406 bitcoins in the quarter.
Despite a 52% increase in global hashrate from the previous quarter and an increase in the average mining cost per bitcoin (excluding depreciation) to $46,324, Riot benefited from electricity credits offsetting some of the costs. The company's adjusted EBITDA was $197.20 million, which includes $133.10 million of bitcoin book income.
CEO Jason Les said the company is accelerating the expansion of its data center business, including the development of the 112 trillion-watt Corsicana campus, with the goal of transforming into a large and diversified data center operator. Riot currently holds nearly 20,000 bitcoins, worth more than $2 billion, the second largest reserve among mining companies. Affected by the earnings, Riot shares closed down 4.87% on the day.
Miner Riot's third-quarter net profit is $104.50 million, record revenue reverses previous-quarter losses
2025-10-30 22:39:55
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