Riot Platforms is on fire. The mining powerhouse just dropped some record-breaking numbers for 2024, as they revealed their revenue reports.
We’re talking $376.7 million in total revenue, 34% increase from the previous year.
And the cherry on top? A net income of $109.4 million, a complete turnaround from the $49.4 million loss in 2023. That’s what I call a comeback story!
Progress is unstoppable?
Now, you might be wondering how they pulled it off. Well, it’s simple, Bitcoin mining revenue skyrocketed to $321 million, nearly double what it was in 2023. And let’s not forget those strategic acquisitions and fundraising efforts.
They bought Block Mining and E4A Solutions, expanding their operations and capabilities. Plus, they energized the Corsicana Facility, which is a big deal for their growth plans.
Fewer Bitcoin, more profit
But here’s the interesting thing, despite all this success, Riot actually mined fewer Bitcoins in 2024, 4,828 compared to 6,626 in 2023. Why?
Well, mining costs went through the roof, and the Bitcoin halving event didn’t help either.
The average cost to mine one Bitcoin jumped from $3,831 to $32,216. On the other hand, their power strategy helped keep costs in check, earning them $33.7 million in power credits.
Reserve asset
And then there’s the big news, Riot’s Bitcoin holdings jumped 141% to 17,722 BTC. That’s a $1.65 billion treasure chest based on year-end prices.
How did they do it? By raising $579 million and buying more Bitcoin, of course. Now, they’re setting their sights on AI and high-performance computing for 2025.
So, what does this mean for the average Bitcoin investor? Well, if you’re into Bitcoin, you should be paying attention to Riot Platforms.
They’re not just mining Bitcoin, but it looks like they’re building a digital empire. And if you’re not in the game yet, maybe it’s time to get in.
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