Riot Platforms, a publicly traded Bitcoin (BTC) miner on Wall Street (NASDAQ: RIOT), reported record financial results for 2024, announcing $376.7 million in total revenue and $109.4 million in net income. These results were achieved despite significant challenges in the industry, including the Bitcoin halving and a significant increase in hashrate that led to global competition.
Riot's Bitcoin Mining Platforms on Wall Street Report Record Revenue
The Bitcoin mining company ended the year with a deployed hashing power of 31.5 EH/s and increased its Bitcoin holdings to 17,722, up 141% year-on-year.
Jason Les, CEO of Riot Blockchain
“Riot had a remarkable year in 2024, recording record revenue of $376.7 million and net income of $109.4 million,” said Jason Les, CEO of Riot. “These results are especially impressive given the Bitcoin halving in April 2024 and a 67% year-over-year increase in global hash rate.”
In 2024, the company brought power to its Corsicana Facility and acquired Block Mining and E4A Solutions, an electrical services company. Riot's power strategy has proven effective, with average power costs of 3.4 cents per kilowatt-hour across all facilities for the year.
Despite these gains, the company has faced increased production costs. Riot reported that the average cost of mining one Bitcoin was $32,216 in 2024, up significantly from $3,831 in 2023. This increase was driven by a 53% decrease in hashrate credits, the impact of the halving, and a significant increase in global network competition.
More income but less bitcoins
The company mined 4,828 bitcoins for the year, down from 6,626 in 2023. Bitcoin mining revenue was $321.0 million, up significantly from $189.0 million in the previous year, primarily due to rising bitcoin prices and increased operational hashrate.
In December 2024, Riot completed a convertible senior note offering that generated $579 million in net proceeds, which the company used to purchase an additional 5,784 bitcoin. This strategic move contributed to what the company described as a “39% bitcoin return” for shareholders in 2024.
Looking ahead to 2025, Riot is looking at opportunities in the AI and high-performance computing (HPC) sectors, particularly for its energy assets at the Corsicana facility. The company highlighted that the facility has one gigawatt of total capacity, of which 600 megawatts are currently unused, making it a potentially valuable asset near the Dallas metropolitan area.
“Our efforts over the past year put us in an exceptionally strong position and focused on pursuing the exciting opportunities ahead to maximize shareholder value, particularly in the AI/HPC space,” Les added.
$1.65 billion in Bitcoin
Riot maintained a strong financial position at year-end with $439.1 million in working capital, including $277.9 million in cash and $134.3 million in marketable securities. Based on a Bitcoin price of $93,354 on December 31, 2024, the company's Bitcoin assets were valued at approximately $1.65 billion.
The company's engineering segment revenue decreased to $38.5 million from $64.3 million in 2023. The decrease was primarily due to delays in completing a major manufacturing contract due to supply chain constraints.
Last week, two other public Bitcoin miners also reported revenue. Phoenix Group, the first BTC miner to list on a UAE exchange, reported higher mining revenue, but overall revenue fell nearly 30% to $206 million. Meanwhile, HIVE Digital Technologies reported revenue of $29.2 million.
Source: cryptonews.net
