Popular Bitcoin mining and digital infrastructure company Riot Platforms announced record-breaking financial results for the year 2024, as a result of a significant increase in mining revenue and strategic acquisitions.
The company, listed on Nasdaq, reported $376.7 million in total revenue in 2024, which was up over 34% from 2023’s $280 million, despite challenges in the cryptocurrency mining sector. Meanwhile, net income during the same period reached $109.4 million.
This figure is a sharp turnaround from a net loss of $49.4 million the previous year.
Record Year For Riot
The revenue boost was primarily attributed to Bitcoin mining operations, which generated $321 million—nearly double the $189 million recorded in 2023—benefitting from higher Bitcoin prices alongside an increased operational hash rate.
Despite this, the company produced fewer Bitcoin in 2024 as it mined 4,828 BTC compared to 6,626 BTC in 2023. According to this week’s press release, the reduction was a result of rising mining costs, the Bitcoin halving event in April 2024, and a 67% increase in the global network hash rate.
Riot noted that the average cost to mine each Bitcoin rose to $32,216 in 2024, a significant increase from $3,831 in 2023 due to reduced power credits and the more competitive mining environment.
The company also revealed that its “unique” power strategy helped reduce some of the cost pressures and achieve an all-in power cost of 3.4 cents per kilowatt hour across its facilities. The company earned $33.7 million in power credits during the year, though this was down from $71.2 million in 2023.
A key highlight of 2024 was Riot’s expansion through acquisitions. For instance, the purchase of Block Mining in July expanded its mining operations. Additionally, the acquisition of E4A Solutions strengthened its engineering business and operational capabilities. The Corsicana Facility was energized during the year, which is being deemed a milestone in Riot’s growth initiatives.
AI and HPC Focus for 2025
To further boost its Bitcoin yield strategy, Riot raised $579 million through its inaugural convertible senior notes offering in December. The proceeds were used to acquire an additional 5,784 BTC, which increased the company’s Bitcoin holdings to 17,722 BTC by the end of 2024, which was a 141% rise year-over-year. This
accumulation brought the company’s Bitcoin treasury to approximately $1.65 billion based on year-end market prices.
Going forward, Riot said that it plans to capitalize on emerging opportunities in artificial intelligence (AI) and high-performance computing (HPC), particularly at its Corsicana Facility.
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