- The Nasdaq-listed business saw a 34% increase in overall revenue to $376.7 million in 2024.
- Bitcoin mining activities were the main source of the income rise, raking in $321 million.
Riot Platforms, a prominent Bitcoin mining firm, reported record-breaking financial results for 2024 due to a boost in mining income and smart acquisitions.
The Nasdaq-listed business saw a 34% increase in overall revenue to $376.7 million in 2024 from $280 million the previous year, despite difficulties in the cryptocurrency mining industry. During the same time frame, $109.4 million was the net income.
Impressive Performance
This sum represents a significant improvement from last year’s net loss of $49.4 million. Bitcoin mining activities were the main source of the income rise, raking in $321 million. This is over twice the $189 million recorded in 2023. Because of the combination of higher Bitcoin prices and an improved operational hash rate.
Still, with 4,828 BTC mined in 2024 compared to 6,626 BTC in 2023, the company’s Bitcoin production was down. Rising mining expenses, the April 2024 Bitcoin halving event, and a 67% rise in the worldwide network hash rate were the causes of the decline, according to this week’s press statement.
The average cost to mine one Bitcoin increased to $32,216 in 2024 from $3,831 in 2023, according to Riot. This huge rise was caused by a combination of factors, including a more competitive mining market and lower power credits.
In addition, the business said that its “unique” power approach contributed to a 3.4 cents per kilowatt hour all-in power cost across all of its sites, alleviating some of the cost constraints. Although a decrease from $71.2 million in 2023, the corporation nevertheless managed to collect $33.7 million in power credits for the year.
The growth of Riot via acquisitions was a major event in 2024. Its mining activities were enlarged, for example, when it acquired Block Mining in July. Its engineering business and operations skills were further enhanced with the purchase of E4A Solutions. An important step in Riot’s expansion plans was the revitalization of the Corsicana Facility this past year.
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