- Riot Platforms stock (RIOT) has been trading down 48.76% for the past 365 days.
- The Bitcoin Halving cut block rewards from 6.25 BTC to 3.125 BTC.
- Riot aims to grow its hashrate by a further 22% in 2025.
The Bitcoin (BTC) mining industry is seemingly maturing into a financially sustainable sector as Riot Platforms emerges from the chaos of 2024’s Bitcoin Halving with record revenues.
Despite increasing infrastructure challenges, mining revenues were up in 2024, standing at $321 million.
Riot 2024
Riot Platforms has reported a record year for revenues despite numerous network and infrastructure challenges.
Notably, the firm garnered $376.7 million in revenues, this was driven primarily by growth in Bitcoin mining revenues. Though revenues were up, production was down as Riot produced 4,828 BTC in 2024, whereas it mined 6,626 BTC in 2023.
Highlighting the difficulties of maintaining profitability under the strain of very low block rewards and increasing energy costs, the firm notes the average cost to produce one BTC was $32,216 in 2024, an almost tenfold increase from 2023’s $3,831.
Riot explains that its “unique power strategy” resulted in a “low cost” of 3.4 cents per kilowatt hour across all its facilities.
Regardless, mining revenues were up in 2024, standing at $321 million, nearly double that of 2023’s $189 million. This, it notes, is thanks to BTC’s historical price climb, as well as increased operational hash rate.
Furthermore, Riot made some crucial acquisitions.
Firstly, the Block Mining purchase allowed it to vastly expand its facilities in July 2024. Then, its acquisition of E4A Solutions allowed it to supplement its engineering business and enhance its core operating capabilities.
Digging Deep
Riot kicked off 2025 on a good footing, announcing it had produced 527 BTC in January. At the end of January, it added another 499 BTC to its treasury, increasing its holdings to 18,221 BTC worth $1.6 billion.
In December 2024, it was reported that the combined strain of the Bitcoin Halving and rising energy costs were squeezing profit margins to the point of financial distress.
However, as demonstrated by Riot’s reinvestment into a growing BTC treasury, as well as its investment into key infrastructure initiatives, the crypto-mining industry is maturing into a rapidly diversifying sector.
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