Riot Hits Record Revenue but Suffers Losses from Mining Costs

Riot Platforms witnessed the highest-ever quarterly revenue, yet it reported losses. Comparing the value from Q1, 2024, the revenue of the platform surged around 50%. Riot Platforms, the biggest Bitcoin mining platform in North America, has witnessed the highest-ever quarterly revenue. Despite this milestone, the firm reported losses as mining costs almost doubled year-over-year. The Chief Executive Officer of Riot Platforms, Jasos Les, revealed its Q1, 2025 earnings report on May 1 and mentioned that we have achieved a new record for quarterly revenue in Q1 at $161.4 million. Comparing the value from Q1, 2024, the revenue of the platform surged around 50%. The net loss was $296,367, a decrease of 240% from the net income recorded in the same period of the last year. Halving Event Impacts Riot’s Margins The platform mentioned that the average cost to mine BTC this quarter was $43,808, and during the same period last year, it was around $23,034, posing a 90% surge. This surge was mainly due to the block subsidy halving event that took place in April 2024. The average global network hashrate also witnessed a 41% surge year-over-year. This quarter, Riot made 166 more BTC as compared to last year. At the press time, the price of Bitcoin was hovering around $96,658, around 1.13% up in the past 24 hours. The volume also noted a surge of 9.50%, taking it to $32.42 billion. The overall market capitalization stands at $1.92 trillion. In the current scenario, Riot holds an approximate of 19,223 unrestricted Bitcoins, estimated at around $1.86 billion. Last week, the platform publicized that it had utilized its massive Bitcoin stockpile as collateral to safeguard a $100 million credit facility from Coinbase. As per the CEO, this $100 million loan from the credit arm of Coinbase made Riot’s first Bitcoin-backed facility. Highlighted Crypto News Today: US Treasury Moves to Ban Huione Group Over Crypto Laundering Ties Source: https://thenewscrypto.com/riot-hits-record-revenue-but-suffers-losses-from-mining-costs/