Riot Platforms, a prominent player in the Bitcoin mining sector, announced a substantial increase in revenue for the first quarter of 2025. Despite this rise, the company experienced a notable net loss, all while advancing its shift towards artificial intelligence and high-performance computing.
In the earnings report released on Thursday, the Nasdaq-listed company highlighted a total revenue of $161.4 million, representing a remarkable 103.5% increase from the same period last year.
Bitcoin Mining Drives Riot Platforms Revenue Growth
The revenue surge was primarily attributed to a $71.5 million spike in Bitcoin mining income.
Nevertheless, the financial landscape remained challenging for the company, which reported a net loss of $296.4 million. This marked a significant contrast to the $211.8 million net gain reported in the first quarter of 2024.
“This quarter, we reached an unprecedented quarterly revenue record of $161.4 million,” stated Riot Platforms CEO Jason Les. He attributed this growth to long-term investments, including the development of the Corsicana Facility, an increase in hash rate capacity, and enhancements in operational efficiency.
Following the earnings announcement, Riot’s stock experienced a 7.32% increase, closing at $7.77, though it saw a downturn of 3.73% in after-hours trading, as reported by Yahoo Finance.
Riot is gradually transitioning away from a Bitcoin-focused model to embrace the expanding sectors of AI and high-performance computing. The Corsicana facility in Texas plays a pivotal role in this shift. Les has previously indicated a strong belief in the growth potential of AI, a sentiment echoed by other industry players such as Hut 8 and Core Scientific.
JUST IN: @RiotPlatforms reports record Q1 revenue of $161.4M, up from $79.3M last year. Bitcoin mining revenue surged to $142.9M, producing 1,530 Bitcoin. The recent acquisition of Rhodium’s operations repositions 125 MW for self-mining, cutting $15M in annual losses. $RIOT pic.twitter.com/toVZvWT2uR
— Bitcoin Mining Stock (@miningstockinfo) May 1, 2025
To facilitate this transition, the company has acquired additional land surrounding Corsicana, enhanced its fiber network, and improved water access on-site.
Moreover, a major substation is currently under construction, expected to deliver 1.0 gigawatt of power capacity by early 2026.
In terms of mining performance, Riot reported a production of 1,530 BTC in the first quarter, up from 1,364 BTC during the same time last year. The firm held a total of 19,223 BTC at the end of March.
However, mining expenses have seen a sharp rise, with the average cost to mine a single Bitcoin escalating to $43,808 in Q1 2025—nearly double the $23,034 recorded a year prior.
Riot attributed the increased costs to the April 2024 Bitcoin halving and a 41% year-over-year growth in the global network hash rate.
Sustainable Energy Use in Bitcoin Mining Increases
A recent study from Cambridge University indicates that sustainable energy now powers 52.4% of Bitcoin mining, a significant rise from 37.6% reported in 2022.
The report highlights that 42.6% of sustainable energy used in Bitcoin mining is derived from renewables, such as wind and hydropower, while 9.8% comes from nuclear sources.
Additionally, natural gas has surpassed coal as the primary energy contributor to Bitcoin mining, with its usage increasing to 38.2%, compared to 25% in 2022. Conversely, coal’s contribution has dropped sharply to 8.9%, down from 36.6%.
Following China’s crackdown on the cryptocurrency industry in 2021, the United States emerged as a global leader in Bitcoin mining, benefiting from low electricity costs and robust capital markets. The initial election of pro-crypto President Donald Trump contributed to an atmosphere of optimism for ongoing growth.
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