Riot Platforms, the publicly listed Bitcoin (BTC) miner from Wall Road (NASDAQ: RIOT), introduced report monetary outcomes for 2024, reporting $376.7 million in whole income and $109.4 million in internet earnings. The outcomes come regardless of dealing with important trade headwinds together with Bitcoin’s halving and a considerable enhance in hash charge or international competitors.
The Bitcoin mining firm completed the yr with a deployed hash charge of 31.5 EH/s and elevated its Bitcoin holdings to 17,722, up 141% from the earlier yr.
Jason Les, CEO of Riot Blockchain
“Riot had a outstanding yr in 2024, producing report income of $376.7 million and internet earnings of $109.4 million,” mentioned Jason Les, CEO of Riot. “These outcomes are significantly noteworthy within the context of the Bitcoin community’s ‘halving’ in April of 2024, and a rise in international hash charge of 67% over the course of the yr.”
In 2024, the corporate energized its Corsicana Facility and purchased Block Mining and E4A Options, {an electrical} engineering providers firm. Riot’s energy technique proved efficient, with a mean all-in energy value of three.4 cents per kilowatt hour throughout all services throughout the yr.
Regardless of these achievements, the corporate confronted larger manufacturing prices. Riot reported a mean value to mine every Bitcoin of $32,216 in 2024, a major enhance from $3,831 in 2023. This rise was attributed to a 53% lower in energy credit, the impression of the halving occasion, and the substantial enhance in international community competitors.
Extra Cash, However Much less Bitcoins
The corporate produced 4,828 Bitcoin throughout the yr, down from 6,626 in 2023. Bitcoin mining income reached $321.0 million, a major enhance from $189.0 million within the earlier yr, pushed primarily by larger Bitcoin costs and elevated operational hash charge.
In December 2024, Riot accomplished a convertible senior notes providing that raised $579 million in internet proceeds, which the corporate used to buy a further 5,784 Bitcoin. This strategic transfer contributed to what the corporate described as a “39% Bitcoin yield” for shareholders in 2024.
Waiting for 2025, Riot is exploring alternatives within the AI and high-performance computing (HPC) sectors, significantly for its energy belongings on the Corsicana Facility. The corporate highlighted that this facility has one gigawatt of general capability, with 600 megawatts at the moment unutilized, positioning it as a probably useful asset close to the Dallas metropolitan space.
“As a consequence of our efforts over the prior yr, we’re in an exceptionally sturdy place and targeted on executing on the thrilling alternatives forward of us to maximise shareholder worth, significantly on the AI/HPC entrance,” Les added.
$1.65B of Bitcoin Holdings
Riot maintained a robust monetary place at year-end with $439.1 million in working capital, together with $277.9 million in money and $134.3 million in marketable fairness securities. Based mostly on the December 31, 2024 Bitcoin value of $93,354, the corporate’s Bitcoin holdings have been valued at roughly $1.65 billion.
The corporate’s engineering income phase noticed a decline, producing $38.5 million in comparison with $64.3 million in 2023. This lower was primarily attributed to delays in a big manufacturing contract as a result of provide chain constraints.
Final week, two different publicly traded Bitcoin miners additionally launched their earnings reviews. Phoenix Group, the primary UAE-listed BTC producer, reported larger mining income, however whole income dropped almost 30% to $206 million. In the meantime, HIVE Digital Applied sciences reported income of $29.2 million.
