Bitcoin miner Riot Platforms reports record $211M Q1 net income

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.

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