TechFlow News, February 25 — According to The Block, Nasdaq-listed bitcoin mining company Riot Platforms has released its fiscal year 2024 earnings report. Data shows the company achieved total revenue of $376.7 million, a 34.2% year-on-year increase; net profit turned positive at $109.4 million, compared to a $49.4 million loss in 2023.
Impacted by rising mining costs, Riot's 2024 annual bitcoin production declined to 4,828 BTC, down from 6,626 BTC in 2023. The cost to mine each bitcoin (excluding depreciation) surged from $3,831 in 2023 to $32,216 in 2024, primarily due to a 53% reduction in electricity subsidies and a 67% increase in network-wide hash rate. As of end-January 2025, Riot holds 18,221 BTC, making it the third-largest publicly listed corporate holder of bitcoin.
CEO Jason Les stated that in 2024, the company completed key initiatives including powering up its Corsicana mining facility and acquiring Block Mining and E4A Solutions. In 2025, Riot plans to expand into artificial intelligence and high-performance computing businesses. It has appointed former Hut 8 CEO Jaime Leverton to its board to help evaluate applications of mining infrastructure in AI fields.
