The popular Bitcoin mining company and the Riot Platforms Digital Infrastructure Company announced record financial results for the year 2024, as a result of a significant increase in mining income and strategic acquisitions.
The company, which appears in Nasdaq, reported $ 376.7 million in total revenues in 2024, which increased more than 34% of the $ 280 million of 2023, despite the challenges in the cryptocurrency mining sector. Meanwhile, net income during the same period reached $ 109.4 million.
This figure is a strong change of a net loss of $ 49.4 million the previous year.
Record year for riots
The impulse of income was mainly attributed to the mining operations of Bitcoin, which generated $ 321 million, twice the $ 189 million registered in 2023, the fulfillment of the highest prices of Bitcoin together with a higher operating hash rate.
Despite this, the company produced less Bitcoin in 2024, since it extracted 4,828 BTC compared to 6,626 BTC in 2023. According to this week Press releaseThe reduction was the result of the increase in mining costs, the half -reduction event of Bitcoin in April 2024 and a 67% increase in the HASH rate of the global network.
Riot said the average cost to extract each Bitcoin increased to $ 32,216 in 2024, a significant increase of $ 3,831 in 2023 due to reduced energy loans and the most competitive mining environment.
The company also revealed that its “unique” energy strategy helped reduce some of the cost pressures and reach a power cost of 3.4 cents per kilowatt hour in its facilities. The company won $ 33.7 million in energy credits during the year, although this was less than $ 71.2 million in 2023.
A 2024 key culminating point was Riot’s expansion through acquisitions. For example, the purchase of block mining in July expanded its mining operations. In addition, the acquisition of E4A Solutions strengthened its engineering business and operational capabilities. The installation of Corsican was energized during the year, which is considered a milestone in Riot’s growth initiatives.
AI and HPC Focus for 2025
To further boost its Bitcoin performance strategy, Riot raised $ 579 million through its inaugural offer of major notes convertible in December. The income was used to acquire additional 5,784 BTC, which increased the company’s Bitcoin holdings to 17,722 BTC at the end of 2024, which was an increase of 141% year after year. This
The accumulation led to the company’s Bitcoin Treasury to approximately $ 1.65 billion based on the prices of the end of the year market.
In the future, Riot said that he plans to capitalize on emerging opportunities in artificial intelligence (AI) and high performance computing (HPC), particularly in his installation as Corsican.
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