Odaily Planet Daily reports that cryptocurrency mining company Riot Platforms released its third-quarter financial results, reporting a net profit of $104.5 million, reversing the losses of the previous quarter. Revenue reached a record $180.2 million, more than doubling year-over-year (from $84.8 million in the same period last year). The growth was primarily driven by an increase of $93.3 million in Bitcoin mining revenue, with the company mining a total of 1,406 Bitcoins during the quarter.

Despite a 52% surge in global hashrate compared to the previous quarter, and an increase in the average mining cost per Bitcoin (excluding depreciation) to $46,324, Riot still benefited from electricity credits offsetting some of the costs. The company's adjusted EBITDA was $197.2 million, including $133.1 million in book Bitcoin gains.

CEO Jason Les stated that the company is accelerating the expansion of its data center business, including the development of the 112-megawatt Corsicana campus, with the goal of transforming into a large-scale, diversified data center operator. Riot currently holds nearly 20,000 Bitcoins, worth over $2 billion, making it the second-largest reserve among mining companies. Following the earnings report, Riot's stock price closed down 4.87% that day.