Crypto mining company Riot Platforms reported third-quarter earnings, with net income reaching $104.5 million, reversing a loss from the previous quarter. Revenue hit 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 a $93.3 million increase in Bitcoin mining revenue, with the company mining 1,406 bitcoins during the quarter. Despite a 52% surge in global hashrate compared to the previous quarter, and an increase in the average cost of mining a single bitcoin (excluding depreciation) to $46,324, Riot 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 its data center expansion, 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 holding among mining companies. Riot's stock price fell 4.87% on the day, affected by the financial report.