Nasdaq-listed bitcoin mining firm Riot Platforms booked a record yearly revenue in 2024, mainly driven by the increase in its mining revenue, the company disclosed on Monday.
Riot recorded $376.7 million in total revenue in 2024, up 34.2% year-on-year, according to its latest earnings report. Its net income expanded to $109.4 million last year, compared to a net loss of $49.4 million in 2023.
"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,” said Jason Les, CEO of Riot.
Les said the company saw its major growth initiatives materialize, including the energization of its Corsicana Facility, and the acquisitions of Kentucky-based Block Mining and electrical engineering services firm E4A Solutions.
However, Riot produced fewer bitcoins in 2024, totaling 4,828 compared to 6,626 the year before, due to the surge in mining costs. The average cost for Riot to mine each bitcoin, excluding depreciation, reached $32,216 in 2024, up from $3,831 in 2023.
The company said that mining costs rose significantly, primarily due to a 53% reduction in power credits in 2024 from the previous year. This increase was further influenced by the 'halving' event in April 2024 and a 67% surge in the average global network hash rate compared to the previous year.
Riot also raised $579 million from its first convertible senior notes offering, which was used to acquire an additional 5,784 BTC to the company’s holdings. The company held 17,722 bitcoin at the end of 2024, a 141% year-over-year increase.
At the end of January 2025, Riot’s bitcoin holdings grew to 18,221 BTC, making the mining firm the third-largest public company to hold bitcoin, behind Strategy and Marathon Digital Holdings, according to Bitbo.
“Due 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,” Riot said in the Monday report.
In 2025, the company seeks to expand its AI and HPC sector, centering around its Corsicana facility. AI and HPC stand for artificial intelligence and high-performance computing, respectively, with HPC systems being utilized to enhance the processing of AI workloads.
Riot CEO Les announced in October that the company is open to opportunities in AI, as major competitors like Hut 8 and Core Scientific grew their focus on the burgeoning sector.
Earlier this month, Riot appointed Jaime Leverton, the former CEO of Hut 8, to its board of directors to help oversee the evaluation of its bitcoin mining infrastructure for AI and HPC use cases.
Riot Platforms' stock closed down 4.5% at $9.99 on Monday. It dropped 42.5% over the past year, according to Google Finance.
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