Emre Yumlu 
Riot Platforms Reports Record Revenue with 34.2% Increase in Mining Income and 141% Boost in Bitcoin Holdings in 2024.
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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