Riot Platforms, Inc. reported significant financial performance for the fiscal year ending December 31, 2024, with total revenue reaching approximately $376.7 million, a notable increase from $280.7 million in 2023. The company's Bitcoin mining segment generated $321.0 million in revenue, up from $189.0 million the previous year, primarily driven by a rise in Bitcoin prices, which averaged $66,488 per Bitcoin in 2024 compared to $28,523 in 2023. However, the total Bitcoin mined decreased by 27.1%, from 6,626 Bitcoin in 2023 to 4,828 Bitcoin in 2024, largely due to the halving event in April 2024 and increased network difficulty.
In terms of operational developments, Riot Platforms expanded its mining capacity significantly, increasing its deployed hash rate from 12.4 EH/s at the end of 2023 to 31.5 EH/s by the end of 2024, marking a 154% increase. The company also completed the first phase of its Corsicana Facility, which is expected to provide up to 1 GW of capacity upon full completion. Additionally, Riot acquired Block Mining, adding 60 MW of operational capacity and expanding its geographic footprint, and E4A Solutions, enhancing its engineering capabilities.
The company’s workforce grew to approximately 783 employees as of December 31, 2024, reflecting its strategic focus on expanding operations and enhancing its capabilities. Riot Platforms also adopted a "Bitcoin Treasury Strategy," which involves acquiring and holding Bitcoin on its balance sheet, further solidifying its position in the market. The company reported a net income of $109.4 million for 2024, a significant turnaround from a net loss of $49.5 million in 2023, aided by non-cash gains primarily from the change in fair value of Bitcoin.
Looking ahead, Riot Platforms anticipates reaching a total self-mining hash rate capacity of approximately 38.4 EH/s by the end of 2025, supported by ongoing investments in new miners and infrastructure. The company is also evaluating the feasibility of utilizing its remaining power capacity for artificial intelligence and high-performance computing applications, which could diversify its revenue streams. However, the company acknowledges the competitive landscape of Bitcoin mining and the potential regulatory challenges that may arise as the industry evolves.
About Riot Platforms, Inc.
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