Riot Reports $109.4M Profit in 2023

Riot Platforms, a well-known Bitcoin mining and digital infrastructure firm, has announced impressive financial outcomes for 2024, attributed to a notable rise in mining revenue and strategic acquisitions. The Nasdaq-listed company recorded total revenues of $376.7 million in 2024, reflecting an increase of over 34% from the previous year’s $280 million, despite the ongoing challenges in the cryptocurrency mining industry. During the same timeframe, the net profit reached $109.4 million, marking a significant recovery from a net loss of $49.4 million in the prior year.

The surge in revenue was largely due to Bitcoin mining, which generated $321 million—almost double the $189 million earned in 2023—benefiting from elevated Bitcoin prices and a higher operational hash rate. However, the company mined fewer Bitcoins in 2024, producing 4,828 BTC compared to 6,626 BTC the previous year. This decrease was attributed to increasing mining costs, the Bitcoin halving event in April 2024, and a 67% rise in the global network hash rate.

Riot indicated that the average expense for mining each Bitcoin rose to $32,216 in 2024, a substantial jump from $3,831 in 2023, due to diminished power credits and a more competitive mining landscape. Additionally, the firm's “unique” power strategy mitigated some cost pressures, achieving an all-in power cost of 3.4 cents per kilowatt-hour across its facilities. The company earned $33.7 million in power credits during the year, a decrease from $71.2 million in 2023.

A notable aspect of 2024 was Riot’s growth through acquisitions, including the purchase of Block Mining in July, which expanded its mining operations. The acquisition of E4A Solutions also bolstered its engineering and operational capabilities. The activation of the Corsicana Facility during the year was considered a significant milestone in Riot’s growth strategy.

Looking ahead to 2025, Riot announced plans to leverage emerging opportunities in artificial intelligence (AI) and high-performance computing (HPC), especially at its Corsicana Facility. To enhance its Bitcoin yield strategy, the company raised $579 million through its first convertible senior notes offering in December, which was used to acquire an additional 5,784 BTC, increasing its total Bitcoin holdings to 17,722 BTC by the end of 2024—an impressive 141% increase year-over-year. This accumulation brought the company's Bitcoin treasury to approximately $1.65 billion based on market prices at year-end.