FX.co ★ spinka.angelica | Cryptocurrency news

American mining company Riot Platforms sold 20,264 bitcoins over nine months for a total of about $1.5 billion. The miner spent most of the proceeds on data centers, according to the financial report. Riot Platforms' revenue for the third quarter amounted to $181.4 million versus $180.2 million in the same quarter last year. Revenues directly from bitcoin mining for July–September fell to $116 million, down from $160.8 million a year earlier. The company attributed this to a drop in the average price of the leading cryptocurrency from $114,361 last year to $70,855 now. Increased mining volumes only partially offset the decline in the coin's price. From July–September Riot mined 1,637 BTC, 16% more than a year earlier. The average cash cost to mine one bitcoin, excluding depreciation, fell from $46,324 to $39,265 thanks to lower electricity expenses and increased production. At the same time the company is increasing revenue from other business lines. Revenue from data centers reached $18.4 million, and the engineering unit brought in $47 million versus $19.1 million a year earlier. The unit produces electrical equipment, including for data centers. Riot also announced a new 15-year infrastructure lease for its complex in Corsicana (Texas). The agreement provides for 910 MW of capacity for artificial intelligence computing tasks. The company estimated the total value of the contract at roughly $28 billion over its full term. By the end of September the miner had 2,418 BTC on its balance sheet valued at about $202 million. Cash reserves amounted to $748.2 million, including $79.2 million with restrictions on use. The company valued the combined amount of cash and bitcoins at $950.2 million. Earlier analysts at BlocksBridge reported that large miners Riot Platforms, IREN and HIVE Digital will need about $50 billion to complete projects to develop artificial intelligence infrastructure. The experts pointed to the industry's growing financing needs and tightening lender requirements.