Bitcoin mining firm Riot Platforms reported a net income of $104. 5 million for the third quarter, a significant reversal from the losses experienced in the previous quarter.The company's performance was largely driven by a $133. 1 million gain on its Bitcoin holdings, contributing to an adjusted EBITDA of $197.2 million. This return to profitability highlights the impact of Bitcoin's price appreciation on miners' balance sheets.Despite the strong financial results, Riot's share price closed down 4. 87%, reflecting potential investor focus on other operational metrics or broader market conditions. The company's earnings demonstrate how Bitcoin-centric strategies can directly influence financial performance in the cryptocurrency mining sector.
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#Riot Platforms
#Bitcoin mining
#Q3 earnings
#net income
#adjusted EBITDA
#share price
#mining profitability
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