Bitcoin mining giant Riot Platforms has reported a strong start to 2025, posting record-breaking Q1 revenue of $161.4 million, more than doubling the $79.3 million earned in the same period last year.
The surge was primarily driven by a significant increase in Bitcoin mining revenue, up to $142.9 million from $71.4 million year-over-year.
The company mined 1,530 BTC during the quarter, a modest increase from 1,364 BTC in Q1 2024. However, the average cost to mine each Bitcoin jumped to $43,808, up from $23,034, largely due to the April 2024 halving and a 41% increase in global hash rate competition.
CEO Jason Les credited the results to long-term investments, particularly the ongoing expansion at Riot’s Corsicana Facility, which will soon feature 1.0 GW of total power capacity. Riot is also accelerating its AI and HPC data center business, supported by strategic land acquisition and infrastructure enhancements.
Another key development was Riot’s acquisition of Rhodium’s mining operations at the Rockdale Facility, eliminating $15 million in annual losses from legacy power contracts and litigation.
Riot ended the quarter with $310.3 million in working capital and held 19,223 BTC, valued at approximately $1.6 billion, reinforcing its position as a leader in vertically integrated Bitcoin mining.
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Source: https://coindoo.com/riot-platforms-posts-record-revenue-in-q1-2025-amid-expansion-and-strategic-acquisitions/