Riot Platforms (RIOT) Shares Climb as Q3 Earnings Beat Estimates on Record Revenue

Riot Platforms (RIOT) shares increased by 5% pre-market following the announcement of an unexpected third-quarter profit, significantly surpassing analyst expectations for a loss. The company achieved record revenue of $180.2 million, more than doubling the previous year's figure, primarily due to a $93 million surge in bitcoin mining revenue. During the quarter, Riot mined 1,406 bitcoin at an average cost of $46,324 per coin. Furthermore, the data center operator announced the initiation of 112 megawatts of core and shell development at its Corsicana, Texas campus, signaling a strategic move toward becoming a large-scale, multifaceted data center operator. As of September 30, Riot held 19,287 bitcoin, valued around $2.2 billion.

(Source：CoinDesk)