Catenaa, Friday, February 28, 2025 – Bitcoin mining giant Riot Platforms posted a 34.2% year-over-year revenue increase in 2024, reaching $376.7 million, driven by expansion efforts despite rising mining costs. The company also reported a net income of $109.4 million, a turnaround from a $49.4 million net loss in 2023.
Riot CEO Jason Les credited the strong performance to key growth initiatives, including the energization of its Corsicana facility and acquisitions of Block Mining and E4A Solutions. However, Riot produced 4,828 bitcoins in 2024, down from 6,626 in 2023, as mining costs soared. The cost to mine each bitcoin, excluding depreciation, spiked to $32,216—up from $3,831 the prior year—due to a 53% reduction in power credits and a 67% surge in the global hash rate.
Despite the higher costs, Riot expanded its bitcoin holdings significantly, acquiring 5,784 BTC and ending 2024 with 17,722 BTC—a 141% increase from 2023. By January 2025, its holdings grew to 18,221 BTC, making Riot the third-largest public bitcoin holder after MicroStrategy and Marathon Digital.
Looking ahead, Riot plans to expand into artificial intelligence and high-performance computing (AI/HPC) at its Corsicana facility. The firm recently appointed former Hut 8 CEO Jaime Leverton to its board to oversee AI-related initiatives.
Riot’s stock closed down 4.5% at $9.99 on Monday and has dropped 42.5% over the past year.
