- Riot Platforms’ revenue rose 34% in 2024, driven by strong Bitcoin mining gains.
- The company is exploring AI/HPC ventures for its Texas facility with 60MW unused power.
- The report came at a time when the BTC hash rate had touched an ATH on February 10.
Riot Platforms delivered strong financial results for fiscal year 2024, reporting total revenue of $376.7 million, a 34% increase from $280.7 million in 2023. The Bitcoin mining company achieved this growth despite facing the Bitcoin halving event in April 2024 and a 67% increase in global network hash rate throughout the year.
The company’s performance was largely driven by its Bitcoin mining operations, which generated $321 million in revenue, up from $189 million in the previous year. This 70% increase in mining revenue came from higher average Bitcoin prices and an expanded operational hash rate. This helped offset challenges from increased network difficulty and reduced block rewards following the halving.
Riot mined 4,828 Bitcoin during 2024, down from 6,626 in 2023, showing the increased mining difficulty across the network. Despite producing fewer coins, the company’s strategic approach to power management yielded an average cost of 3.4 cents per kilowatt hour across all facilities. This allowed Riot to maintain competitive mining economics.
Riot substantially increased its Bitcoin holdings to 17,722 by year-end. This is a 141% increase over the previous year. This expansion was partly funded through a $579 million convertible senior notes offering in December, which financed the acquisition of an additional 5,784 Bitcoin.
The company maintained a strong financial position with $439.1 million in working capital, including $277.9 million in cash and $134.3 million in marketable equity securities. Looking ahead to 2025, Riot is exploring new revenue opportunities for its Corsicana facility in Texas. With one gigawatt of overall capacity, including 600 megawatts currently unutilized, the company is pursuing potential partnerships in the AI and high-performance computing (HPC) sector.
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The reports were revealed at a time when the Bitcoin hash rate surged to a new all-time high of 931.69 exahashes per second (EH/s) on February 10, 2025. This surge had surpassed the previous record of 833 EH/s set on February 4, 2025. This increase coincides with recent mining difficulty adjustments and shows the network’s growing computational strength.
The hash rate, which measures the total computational power dedicated to securing the Bitcoin network, has shown decent growth since the April 2024 halving event. The hash rate now stands at 771 as per Blockchain data.
