In its Q1 2024 earnings report, Riot Platforms Inc. (NASDAQ: RIOT), a mining company specializing in mining Bitcoi, revealed that its first quarter revenue was in excess of $79.3 million. This revenue increase is modest when compared to the earnings for the same quarter last year, which saw the company bag $73.2 million.
It should be noted that the growth in earnings came against the backdrop of reduced BTC mined. In Q1 2023, the company mined 2,115 BTC while the number dropped to 1,364 BTC in the just-ended quarter. Logically, one would expect revenue to drop if the itcoins mined have reduced by…
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