Riot Platforms Reports Record Revenue and Bitcoin Growth for 2024

CASTLE ROCK, Colo., Feb. 24, 2025 /PRNewswire/ — Riot Platforms, Inc. (NASDAQ: RIOT), a leader in Bitcoin mining, announced today a record revenue of $376.7 million for the fiscal year ending December 31, 2024, alongside a net income of $109.4 million. The significant revenue marks a milestone amidst the Bitcoin network’s halving event that occurred in April 2024, combined with a substantial 67% increase in the global hash rate.

CEO Jason Les highlighted the company’s robust performance, stating, “These results are particularly noteworthy… Due to our efforts over the prior year, we are in an exceptionally strong position and focused on executing on the exciting opportunities ahead of us to maximize shareholder value, particularly on the AI/HPC front.” Riot’s adjusted EBITDA reached a remarkable $463.2 million, reflecting the company’s strategic approach to retaining its Bitcoin production.

2024 saw Riot energize its new Corsicana Facility and expand its portfolio through the acquisitions of Block Mining and E4A Solutions. These initiatives led to the mining of 4,828 Bitcoin with an average direct cost of $32,216 per coin. This low cost was achieved through an effective power strategy with an all-in cost of power at just 3.4 cents per kilowatt hour.

The company also took a notable step forward in its Bitcoin yield strategy, closing its inaugural convertible senior notes offering in December 2024. This raised $579 million in net proceeds, enabling the purchase of an additional 5,784 Bitcoin, boosting its total holdings to 17,722 Bitcoin—an increase of 141% from the previous year. This strategy resulted in a notable 39% Bitcoin yield for shareholders.

Looking towards 2025, Riot Platforms is pursuing opportunities in the artificial intelligence and high-performance computing sectors, with plans to optimize the unused power capacity at the Corsicana Facility. “We believe… this large amount of readily available power located near a major metropolitan area in Dallas, TX, is a rare offering,” said Les.

The company’s financial highlights for 2024 reflect its growth and operational efficiency, setting a strong foundation for future advancements. Riot’s vision remains focused on becoming the leading Bitcoin-driven infrastructure platform, with an emphasis on positively impacting the sectors and communities it serves.

For further details about Riot’s financial performance and operational updates, please visit their corporate website.