Riot Platforms has released its financial report for Q1 2025, announcing record revenue and losses attributed to rising Bitcoin mining costs.
Record Revenue for Riot Platforms
Riot Platforms reported revenue of $161.4 million for Q1 2025, a 50% increase compared to the same period last year.
Impact of Mining Costs
The company’s average cost to mine one Bitcoin rose to $43,808, up 90% from $23,034 in Q1 2024. Key contributors included the April 2024 Bitcoin halving and a 41% surge in global hashrate.
Strategic Changes in the Company
Riot Platforms recently appointed three new members to its board of directors to support the company’s expansion in artificial intelligence and high-performance computing. These new directors hold significant expertise in Bitcoin asset conversion and data center operations.
In conclusion, Riot Platforms continues to show revenue growth despite significant mining costs and is implementing strategic changes for further expansion.
