Riot Platforms Poised for Significant Growth in 2024 Amid Bitcoin Surge

Riot Platforms (NASDAQ: RIOT), formerly known as Riot Blockchain, is expected to experience a significant increase in its total mining revenue in 2024. This surge is closely tied to the rising average price of Bitcoin. According to Visible Alpha consensus estimates, Riot’s total mining revenue is projected to soar by +102% YoY, reaching $381 million in 2024. This would constitute approximately 81% of the company’s overall revenue.

A primary driver of this growth is expected to be the increasing investment into spot Bitcoin exchange-traded funds (ETFs). Additionally, the upcoming Bitcoin halving in April is projected to further boost growth for the company. Halving decreases miner rewards and slows down the growth of Bitcoin supply at a time when demand is historically high, potentially further supercharging revenues for the company. Analysts expect gross profit from mining for Riot to be up +163% to $243 million in 2024.