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Riot Platforms, Inc. (NASDAQ: RIOT) announces production and operations updates for April 2024. The company produced 375 Bitcoins in April 2024, marking a decrease from the previous months. Riot has energized its second Bitcoin mining facility in Corsicana, Texas, with plans to further expand its infrastructure. The Corsicana Facility is expected to have a total mining capacity of 1,000 MWs upon completion. Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024 through strategic partnerships and equipment deployments.
Riot Platforms, Inc. reported impressive financial results for the first quarter of 2024, with total revenue of $79.3 million, net income of $211.8 million, and earnings per share of $0.82. The Company also achieved significant milestones like energizing the new Corsicana Facility, which will be the largest Bitcoin mining facility globally once fully developed. Riot anticipates increasing its self-mining hash rate capacity to 31 EH/s by the end of the year. Despite challenges like decreased Bitcoin production and increased mining costs, Riot's strong financial position with $692.5 million in working capital and industry-leading growth prospects make it a key player in the Bitcoin mining industry.