Riot Platforms Reports Record Revenue with Mining Growth in 2024

Nasdaq-listed Bitcoin mining firm Riot Platforms reported a significant increase in annual revenue in 2024, driven primarily by growth in its mining operations.

Riot generated $376.7 million in revenue in 2024, marking a 34.2% year-over-year increase. The company’s net income rose to $109.4 million, compared to a net loss of $49.4 million in 2023.

Riot CEO Jason Les emphasized that these results were particularly meaningful in the context of the Bitcoin network’s ‘halving’ event and a 67% increase in global hash rate throughout the year.

Les highlighted key growth initiatives, including the energization of its Corsicana Facility and the acquisitions of Kentucky-based Block Mining and electrical engineering firm E4A Solutions.

However, due to rising mining costs, the company produced fewer bitcoins in 2024. Riot mined 4,828 bitcoins in 2024, down from 6,626 the previous year. The average cost to mine one bitcoin, excluding depreciation, rose to $32,216 in 2024, up from $3,831 in 2023.

The increase in mining costs was attributed to a 53% reduction in energy credits and the combined effect of the ‘halving’ event and the 67% surge in the global hash rate.

Additionally, Riot raised $579 million from its first convertible senior notes offering, which was used to acquire 5,784 additional BTC. The company held 17,722 bitcoin by the end of 2024, representing a 141% year-over-year increase.

As of January 2025, Riot’s Bitcoin holdings grew to 18,221 BTC, making the company the third-largest public entity holding Bitcoin.

Riot Focuses on AI and HPC Growth in 2025

Riot Platforms also announced its strong position, thanks to its efforts over the past year, and its focus on capitalizing on exciting opportunities in artificial intelligence (AI) and high-performance computing (HPC) in 2025.

The company plans to expand its AI and HPC operations, centered around its Corsicana facility. AI refers to artificial intelligence, while HPC systems are used to accelerate the processing of AI workloads.

In October, Riot CEO Jason Les mentioned that, with major competitors like Hut 8 and Core Scientific focusing on this growing sector, Riot is also open to exploring opportunities in the AI field.

Earlier this month, Riot appointed Jaime Leverton, the former CEO of Hut 8, to its board of directors to oversee the evaluation of the company’s Bitcoin mining infrastructure for AI and HPC use cases.

Riot Platforms’ stock closed down 4.5% at $9.99 on Monday. The company’s shares dropped 42.5% over the past year.

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Bitcoin Mining is Getting Harder!

The difficulty of the Bitcoin network surged to 110 trillion, making it harder for miners to produce new blocks. With the increased computation power required, miners had to upgrade their equipment. Riot Platforms managed to overcome these challenges by launching a new mining facility, boosting its production.

Riot Platforms opened a massive new mining facility in Texas, allowing them to ramp up production. CEO Jason Les stated, “The Corsicana Facility reached a hash rate of 15.7 EH/s by the end of the month, and we saw significant improvements in our operational hash rate with newly deployed miners.” Riot’s move stands out as a success in the face of tough market conditions.

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Among the leading miners, Hut 8 saw a 27% drop in production in January, while Mara and Bitfarms experienced decreases of 12.5% and 4.7%, respectively. Miners are taking steps to upgrade infrastructure and improve equipment to handle the rising difficulty.

In the last week of January, Bitcoin mining difficulty decreased to 108 trillion, providing some relief. However, with the Bitcoin network’s high hashrate (832 EH/s) and declining hardware demand, miners are preparing for new strategies that could shape future operations. Miners will adapt their approaches in the coming months based on these developments.

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The company generated $84.8 million in total revenue in the quarter ended September 30, $67.5 million of which came from Bitcoin mining. Gross profit from mining was recorded at $28.4 million, excluding depreciation, a 42% decrease from the 181% profit margin in the same quarter last year. The decline was driven by higher electricity, labor, and insurance costs.

The company reported a big loss this quarter, well above market estimates. Analysts were expecting a loss per share of $0.18, but it ended up losing $0.54. The majority of the loss was from unrealized securities losses of $38 million, stock-based compensation expenses of $30.6 million, and amortization expenses of $60 million.

Non-GAAP adjusted EBITDA was reported as a loss of $3.6 million, up from a loss of $3.1 million in the same period last year.

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Despite all these challenges, Riot Platforms produced 1,104 BTC in the third quarter, largely in line with the 1,106 BTC produced in the same period last year. The company managed to maintain production despite the upcoming halving event in April and increased network difficulty.

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An analyst’s positive assessment indicating a stock will surpass its market or sector performance is known as an outperform rating. On the other hand, a market performance rating is a neutral evaluation expressing the predicted average performance.

Five main criteria form the foundation of the assessments: production and hash rate, operational and energy efficiency, power, hash costs, and the artificial intelligence strategy of every organization.

Bernstein claims that Marathon, Core Scientific, and CleanSpark are the three biggest bitcoin generators; the latter two particularly stand out with their realized hash rates. Riot is trailing in output and efficiency at the same time; last month, power credits helped to mitigate this.

Regarding operational and energy efficiency, Bernstein asserts CleanSpark and IREN “are in the sweet spots of energy efficiency and realized hash rate/uptime.” By switching to a self-mining approach, Marathon is also seen by the analysts as enhancing its uptime efficiency.

Regarding operating power capacity, Bernstein pointed out Riot and Core Scientific. IREN may, however, catch up going forward since it apparently “has two mega sites in the works” in Texas.

Thanks mostly to low power costs and good uptime, Core Scientific is also the “best in class” when it comes to hash cost. While Marathon keeps striving to lower its hash cost, Riot and CleanSpark lead Core Scientific in this measure.

Lastly, having committed large funds to data centers, Core Scientific is “a clear leader on AI strategy,” Bernstein notes. Thanks to its Texas mega sites being open for agreements with AI hyperscalers and the hire of Morgan Stanley to investigate AI deals for these sites, the analysts found IREN to be “a promising” narrative regarding AI/HPC.

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Worth almost $2.28 million, this deal increases Riot’s total Bitfarms holdings from the previous 84.3 million to 85.3 million shares. Riot currently controls 18.9% of Bitfarms with this acquisition, hence increasing its control over the Canadian mining company.

The purchase symbolizes the most recent evolution in the continuous conflicts among the mining businesses of cryptocurrencies. Riot made an unwelcome $950 million offer to buy Bitfarms in May, which Bitfarms quickly turned down, calling the deal an undervaluation of the business.

Bitfarms responded with a “poison pill” defense to discourage Riot’s possible aggressive takeover efforts, but the Canadian authorities objected.

Riot has kept pressing Bitfarm’s leadership even after retracting its first takeover bid. Riot sought a special shareholder meeting in June to replace several Bitfarms directors with independent candidates.

Still, the boardroom fight seems to be producing outcomes. Bitfarms earlier on Aug. 13 declared the imminent leaving of co-founder and chair Nicolas Bonta, one of the three board members Riot aimed for replacement.

Riot said it will keep looking over its Bitfarms investment and would think about other moves, including changing its stance or suggesting other board composition changes.

Apart from its continuous negotiations with Bitfarms, Riot has made successful acquisitions elsewhere. Riot paid $92.5 million for Block Mining, a Kentucky-based , on July 24. This purchase greatly increases Riot’s hashrate and increases its geographical presence outside Texas in other energy markets.

As consummated on July 23, the Block Mining deal comprised a $18.5 million cash payment plus $74 million in Riot common stock. Apart from that, depending on Block Mining getting more power purchase agreements, a possible earn-out of up to $32.5 million is accessible until 2025.

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“Competition abroad will only continue to intensify, and it strains credulity that US-listed companies… will be long-term low-cost producers and thus market share winners in this extremely commodity industry,” short-seller Kerrisdale Capital noted in June research. After getting acquisition interest, Cipher Mining is looking at a possible sale, according to Bloomberg last month.

Here is a breakdown of the biggest miners’ output in July:

Originally Marathon Digital, MARA is by far the biggest public miner by market capitalization, at about $5 billion. With an average operating hash rate of 5% to 27.5 EH/s, Bitcoin output climbed 17% month over month to 692 BTC. MARA had 20,818 Bitcoins overall as of July 31 and did not sell any in that month. Regarding its BTC treasury policy, the company has lately established a HODL strategy whereby it will hold all BTC mined in operations and will periodically make strategic open market purchases of BTC.

CleanSpark mined 494 Bitcoin , up roughly 10% month over month, and raised their Treasury by 567% over last year. Right now, it has 7,082 BTC. With an average hashrate of 20.07 EH/s throughout July, the average daily Bitcoin mined was 15.94.

Production from Riot Platforms surged 45% from June, mining 370 Bitcoin last month. Riot recently bought a Bitcoin miner with Kentucky roots, Block Mining, for $92.5 million.

With a total hash rate of 20.1 EH/s, Core Scientific won 411 Bitcoin in July—down from 430 in June. Bitcoin miners will be moved from data centers allocated for HPC hosting to Bitcoin mining data centers in order to help the company’s HPC hosting business grow. Furthermore, Block, Inc. (previously Square) and Core Scientific announced a deal to provide Block’s new 3-nanometer mining ASICs to Core Scientific.

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Riot Platforms recorded a net loss of $84.4 million in the second quarter, a sharp increase from the $27.4 million loss reported in the same period last year.

The company’s total revenue also declined from $76.7 million to $70 million year-over-year. The decrease in revenue was primarily driven by a $9.7 million decrease in engineering revenue, partially offset by a $6 million increase in Bitcoin mining revenue.

The firm mined 844 Bitcoin in the second quarter, representing a 52% decrease year-over-year. This decline was primarily attributed to the Bitcoin halving and increased network difficulty.

Despite the production decline, Riot nearly doubled its installed hash rate to 22 exahash per second (EH/s) by the end of June. CEO Jason Les stated that the company aims to reach a self-mining hash rate capacity of 36 EH/s by the end of the year.

In addition to its operational updates, Riot Platforms also reiterated its ongoing strategic interest in rival mining firm Bitfarms.

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According to a Tuesday statement, Riot said the purchase could instantly add 60 megawatts of current operational capability. Targeting 110 MW for self-mining activities by the end of 2024, Riot plans to grow Block Mining’s two sites even more. That would boost Riot’s whole possible power capacity to two gigawatts.

“This transaction allows us to diversify our operations nationally and accelerate Block Mining’s expansion in Kentucky,” Riot CEO Jason Les remarked in the announcement. “With a combined 60 MW of existing developed capacity and a pipeline to rapidly scale to over 300 MW, this acquisition expands our operations and further enhances our path towards our growth target of 100 EH/s.”

The statement states Riot paid the purchase price using $18.5 million in cash and $74 million worth of Riot common stock. Riot claimed earlier this month that it made 255 BTC in June, compared to 215 BTC in May and 460 BTC in June 2023. In June, the company mined around half as many bitcoins year-on-year as predicted following the April halving event.

Google Finance shows Riot on Nasdaq’s Tuesday closing drop of 5.31%. The stock price of the company has declined 24.79% year-to-date.

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The press statement claims that Riot’s proposition provides Bitfarms’ one-month volume-weighted average share price with a 24% premium. With around US$950 million in total stock value, the purchase seeks to improve Bitfarm’s financial situation and guarantees investors better returns from prospects for future expansion. Riot said it is now the biggest shareholder in Bitfarms, having bought a 9.25% share of the business.

Along with 19.6 EH/s of current self-mining capability and a Bitcoin mining capacity of roughly 1 GW of current power capacity, the merger seeks to reportedly surpass any other publicly traded Bitcoin mining company. The united company is expected to attain up to 1.5 GW of power capacity and 52 EH/s of self-mining capability by year-end.

Originally submitted to Bitfarms on April 22, the board turned down the idea. Riot has partially attributed the comments to the management changes at Bitfarms following the departure of its CEO. The Nasdaq-listed company has chosen to forward the purchase proposition to Bitfarm’s shareholders.

Future Prospects and Strategic Expansion of Riot Platforms’

The mix will produce a business running 15 sites all throughout the United States, Canada, Paraguay, and Argentina. When completely completed, this network with up to 2.2 GW of total power capacity might position Riot Platforms for long-term growth and continuous expansion in suitable energy settings.

The two businesses claim that the proposed transaction—which Riot’s Board of Directors approved unanimously—offers Bitfarms owners a mix of cash and Riot common stock. Riot has access to public equity markets and more than US$700 million in cash on hand.

After a fall in Bitcoin, miners of the metal suffered a major blow last year. Along with declining income reaching monthly lows, mining businesses suffered a total loss of $2.8 billion. With this abrupt collapse, exchange-listed BTC miners and other digital assets suffered greatly in market capitalization; in August last year’s figure dropped to about $3 billion.

This decline particularly affected Riot Platforms and Marathon Digital Holdings, which suffered major capital losses. The chart of the Riot Platforms showed a clear drop, losing almost half of its value from July highs. The corporation gave up a considerable amount of its earnings, even with a 200% increase since last year.

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Despite the halving and increasing mining difficulty, Bitcoin mining company Riot Platforms achieved its highest quarterly revenue in history. Riot announced its figures for the first quarter of 2024 yesterday.

The statement said that a net income of $211.8 million was achieved in the quarter, an increase of 1000% ($18 million) compared to the same period last year.

Building the world’s largest mining facility

Speaking at the earnings report meeting, company CEO Jason Les also spoke about the Corsicana facility, where the installation of mining equipment began last week, and said, “When this facility is fully operational, it will be the largest Bitcoin mining facility in the world.” Les also said that the company aims to triple its hash rate capacity by the end of the year.

Number of Bitcoins produced decreased: Halving and difficulty

RIOT also saw a decrease in the number of Bitcoins it produced compared to the same period (first quarter) last year. As of March 31, the company produced a total of 1364 BTC, while this figure was 2115 in the same period last year. The statement attributed this to the large increase in mining difficulty. One of the biggest reasons for the increase in mining difficulty was the halving. It is known that the halving date is April 20, which has caused companies to take action early and invest in new machines. This has caused a significant increase in mining difficulty before the halving.

The statement said that the cost of producing Bitcoin was $23,000, while this figure was $9,438 in the first quarter of last year.

The company’s shares, listed on the Nasdaq, closed yesterday’s trading day at $9.82. Shares have fallen about 47% since the beginning of the year.

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