Riot Platforms, the publicly listed Bitcoin (BTC) miner from Wall Street (NASDAQ: RIOT), announced record financial results for 2024, reporting $376.7 million in total revenue and $109.4 million in net income. The results come despite facing significant industry headwinds including Bitcoin's halving and a substantial increase in hash rate or global competition.
Wall Street Bitcoin Miner Riot Platforms Posts Record Revenue
The Bitcoin mining company finished the year with a deployed hash rate of 31.5 EH/s and increased its Bitcoin holdings to 17,722, up 141% from the previous year.
"Riot had a remarkable year in 2024, generating record revenue of $376.7 million and net income of $109.4 million," said Jason Les, CEO of Riot. "These results are particularly noteworthy in the context of the Bitcoin network's 'halving' in April of 2024, and an increase in global hash rate of 67% over the course of the year."
In 2024, the company energized its Corsicana Facility and acquired Block Mining and E4A Solutions, an electrical engineering services company. Riot's power strategy proved effective, with an average all-in power cost of 3.4 cents per kilowatt hour across all facilities during the year.
Despite these achievements, the company faced higher production costs. Riot reported an average cost to mine each Bitcoin of $32,216 in 2024, a significant increase from $3,831 in 2023. This rise was attributed to a 53% decrease in power credits, the impact of the halving event, and the substantial increase in global network competition.
More Money, But Less Bitcoins
The company produced 4,828 Bitcoin during the year, down from 6,626 in 2023. Bitcoin mining revenue reached $321.0 million, a significant increase from $189.0 million in the previous year, driven primarily by higher Bitcoin prices and increased operational hash rate.
In December 2024, Riot completed a convertible senior notes offering that raised $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 yield" for shareholders in 2024.
Looking ahead to 2025, Riot is exploring opportunities in the AI and high-performance computing (HPC) sectors, particularly for its power assets at the Corsicana Facility. The company highlighted that this facility has one gigawatt of overall capacity, with 600 megawatts currently unutilized, positioning it as a potentially valuable asset near the Dallas metropolitan area.
βDue to our efforts over the prior year, we are in an exceptionally strong position and focused on executing on the exciting opportunities ahead of us to maximize shareholder value, particularly on the AI/HPC front,β Les added.
$1.65B of Bitcoin Holdings
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 equity securities. Based on the December 31, 2024 Bitcoin price of $93,354, the company's Bitcoin holdings were valued at approximately $1.65 billion.
The company's engineering revenue segment saw a decline, generating $38.5 million compared to $64.3 million in 2023. This decrease was primarily attributed to delays in a large manufacturing contract due to supply chain constraints.
Last week, two other publicly traded Bitcoin miners also released their earnings reports. Phoenix Group, the first UAE-listed BTC producer, reported higher mining revenue, but total revenue dropped nearly 30% to $206 million. Meanwhile, HIVE Digital Technologies reported revenue of $29.2 million.
This article was written by Damian Chmiel at www.financemagnates.com.
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