In Q1 2025, Riot Platforms, the largest Bitcoin mining platform in North America, reported record revenue despite incurring losses. CEO Jasos Les presented the report highlighting key business metrics.
Riot Platforms' Record Quarterly Revenue
According to the earnings report, Riot Platforms achieved a record quarterly revenue of $161.4 million in Q1. This is a 50% increase compared to Q1 2024. However, the company also faced a net loss of $296,367, a decrease of 240% from the net income recorded in the same period last year.
Effects of Halving Event on Profitability
The average cost to mine Bitcoin this quarter was $43,808, representing a 90% increase from last year's cost of $23,034. This surge in expenses was primarily due to the halving event that took place in April 2024. Additionally, the average global network hashrate saw a 41% year-over-year increase, and Riot mined 166 more BTC compared to the previous year.
Current Market Position of Bitcoin
Currently, the price of Bitcoin is hovering around $96,658, which is about 1.13% higher in the past 24 hours. The overall market capitalization stands at $1.92 trillion. Riot Platforms holds approximately 19,223 unrestricted Bitcoins, valued at around $1.86 billion. Recently, the platform announced that it had utilized its significant Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase.
Riot Platforms demonstrates significant revenue growth, but the market conditions and high mining costs point to important challenges the company faces in the current financial climate.
