Riot Platforms posted record annual revenue of $647.4 million last year, up 72% from $376.7 million a year earlier.
In an announcement on Monday, the company said the increase was largely driven by a $255.3 million jump in Bitcoin (BTC) mining revenue to $576.3 million in 2025 on the back of higher operational hash rates and a rise in the average price of Bitcoin. During the year, Riot produced 5,686 Bitcoin, which was more than 4,828 BTC in 2024.
The average cost of mining 1 Bitcoin, excluding depreciation, increased from $32,216 in 2024 to $49,645. Riot attributed the high cost mainly to a 47% increase in network hash rate, which caused mining problems. The company said this impact was partially offset by a 68% increase in power loans during the year. Engineering revenue also increased, reaching $64.7 million in 2024 compared to $38.5 million in 2024.
Despite the record performance, Riot reported a $663 million loss due to accounting adjustments and changes in the paper value of its bitcoins. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the year was $13 million.
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Riot closes 2025 with 18,005 BTC worth $1.6 billion
Riot ended 2025 with 18,005 bitcoins in its balance, including 3,977 BTC pledged as collateral. Based on Bitcoin’s year-end price of $87,498, these assets were worth about $1.6 billion. The company also had $309.8 million in cash, of which $76.3 million was restricted.
In January, Riot signed a data center deal with chipmaker AMD and sold Bitcoin to buy 200 acres of land in Rockdale, Texas. The move comes after activist investor Starboard Value said the shift to artificial intelligence and high-performance computing could be worth up to $21 billion and urged the Bitcoin miner to accelerate the turnaround.
Riot’s move toward AI and data centers comes amid similar moves by other major miners. Companies including Hive, Hut 8, TeraWulf, and Iren are turning mining facilities and power capacity into data center operations, and some players like CoreWeave have already moved fully into AI infrastructure.
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Bitcoin Miners Struggle Behind Crypto Decline
Several publicly traded Bitcoin miners faced pressure in 2025 as the price of the crypto weakened. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year-over-year and below analysts’ forecasts, and mining revenue nearly halved to $42.2 million. V
TeraWulf also missed estimates, reporting quarterly revenue of $35.8 million, down from $50.6 million in the prior quarter and below expectations. MARA Holdings posted an even steeper loss. The miner posted a net loss of $1.71 billion in the fourth quarter, compared with net income of $528 million a year earlier, as revenue fell 6% to $202.3 million.
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