Riot Platforms achieved record revenue of $376.7 million and grew its Bitcoin holdings to 17,722 coins in 2024 despite industry challenges.
The company is now exploring AI and high-performance computing opportunities to fight the rising competition and hash rate.
Riot
Platforms, the publicly listed Bitcoin (BTC) miner from Wall Street (NASDAQ:
RIOT), announced record financial results for 2024, reporting $376.7 million in
total revenue and $109.4 million in net income. The results come despite facing
significant industry headwinds including Bitcoin's halving and a substantial
increase in hash rate or global competition.
Wall Street Bitcoin Miner Riot
Platforms Posts Record Revenue
The Bitcoin
mining company finished the year with a deployed hash rate of 31.5 EH/s and increased
its Bitcoin holdings to 17,722, up 141% from the previous year.
Jason Les, CEO of Riot Blockchain
"Riot
had a remarkable year in 2024, generating record revenue of $376.7 million and
net income of $109.4 million," said Jason Les, CEO of Riot. "These
results are particularly noteworthy in the context of the Bitcoin network's
'halving' in April of 2024, and an increase in global hash rate of 67% over the
course of the year."
In 2024,
the company energized its Corsicana
Facility and acquired Block
Mining and E4A Solutions, an electrical engineering services company.
Riot's power strategy proved effective, with an average all-in power cost of
3.4 cents per kilowatt hour across all facilities during the year.
Despite
these achievements, the company faced higher production costs. Riot reported an
average cost to mine each Bitcoin of $32,216 in 2024, a significant increase
from $3,831 in 2023. This rise was attributed to a 53% decrease in power
credits, the impact of the halving event, and the substantial increase in
global network competition.
More Money, But Less
Bitcoins
The company
produced 4,828 Bitcoin during the year, down from 6,626 in 2023. Bitcoin mining
revenue reached $321.0 million, a significant increase from $189.0 million in
the previous year, driven primarily by higher Bitcoin prices and increased
operational hash rate.
In December
2024, Riot completed a convertible senior notes offering that raised $579
million in net proceeds, which the company used to purchase an additional 5,784
Bitcoin. This strategic move contributed to what the company described as a
"39% Bitcoin yield" for shareholders in 2024.
Looking
ahead to 2025, Riot
is exploring opportunities in the AI and high-performance computing (HPC)
sectors, particularly for its power assets at the Corsicana Facility. The
company highlighted that this facility has one gigawatt of overall capacity,
with 600 megawatts currently unutilized, positioning it as a potentially
valuable asset near the Dallas metropolitan area.
“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,” Les added.
$1.65B of Bitcoin Holdings
Riot
maintained a strong financial position at year-end with $439.1 million in
working capital, including $277.9 million in cash and $134.3 million in
marketable equity securities. Based on the December 31, 2024 Bitcoin price of
$93,354, the company's Bitcoin holdings were valued at approximately $1.65
billion.
The
company's engineering revenue segment saw a decline, generating $38.5 million
compared to $64.3 million in 2023. This decrease was primarily attributed to
delays in a large manufacturing contract due to supply chain constraints.
Last week,
two other publicly traded Bitcoin miners also released their earnings reports.
Phoenix Group, the first UAE-listed BTC producer, reported
higher mining revenue, but total revenue dropped nearly 30% to $206
million. Meanwhile, HIVE Digital Technologies reported
revenue of $29.2 million.
Riot
Platforms, the publicly listed Bitcoin (BTC) miner from Wall Street (NASDAQ:
RIOT), announced record financial results for 2024, reporting $376.7 million in
total revenue and $109.4 million in net income. The results come despite facing
significant industry headwinds including Bitcoin's halving and a substantial
increase in hash rate or global competition.
Wall Street Bitcoin Miner Riot
Platforms Posts Record Revenue
The Bitcoin
mining company finished the year with a deployed hash rate of 31.5 EH/s and increased
its Bitcoin holdings to 17,722, up 141% from the previous year.
Jason Les, CEO of Riot Blockchain
"Riot
had a remarkable year in 2024, generating record revenue of $376.7 million and
net income of $109.4 million," said Jason Les, CEO of Riot. "These
results are particularly noteworthy in the context of the Bitcoin network's
'halving' in April of 2024, and an increase in global hash rate of 67% over the
course of the year."
In 2024,
the company energized its Corsicana
Facility and acquired Block
Mining and E4A Solutions, an electrical engineering services company.
Riot's power strategy proved effective, with an average all-in power cost of
3.4 cents per kilowatt hour across all facilities during the year.
Despite
these achievements, the company faced higher production costs. Riot reported an
average cost to mine each Bitcoin of $32,216 in 2024, a significant increase
from $3,831 in 2023. This rise was attributed to a 53% decrease in power
credits, the impact of the halving event, and the substantial increase in
global network competition.
More Money, But Less
Bitcoins
The company
produced 4,828 Bitcoin during the year, down from 6,626 in 2023. Bitcoin mining
revenue reached $321.0 million, a significant increase from $189.0 million in
the previous year, driven primarily by higher Bitcoin prices and increased
operational hash rate.
In December
2024, Riot completed a convertible senior notes offering that raised $579
million in net proceeds, which the company used to purchase an additional 5,784
Bitcoin. This strategic move contributed to what the company described as a
"39% Bitcoin yield" for shareholders in 2024.
Looking
ahead to 2025, Riot
is exploring opportunities in the AI and high-performance computing (HPC)
sectors, particularly for its power assets at the Corsicana Facility. The
company highlighted that this facility has one gigawatt of overall capacity,
with 600 megawatts currently unutilized, positioning it as a potentially
valuable asset near the Dallas metropolitan area.
“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,” Les added.
$1.65B of Bitcoin Holdings
Riot
maintained a strong financial position at year-end with $439.1 million in
working capital, including $277.9 million in cash and $134.3 million in
marketable equity securities. Based on the December 31, 2024 Bitcoin price of
$93,354, the company's Bitcoin holdings were valued at approximately $1.65
billion.
The
company's engineering revenue segment saw a decline, generating $38.5 million
compared to $64.3 million in 2023. This decrease was primarily attributed to
delays in a large manufacturing contract due to supply chain constraints.
Last week,
two other publicly traded Bitcoin miners also released their earnings reports.
Phoenix Group, the first UAE-listed BTC producer, reported
higher mining revenue, but total revenue dropped nearly 30% to $206
million. Meanwhile, HIVE Digital Technologies reported
revenue of $29.2 million.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
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🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
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🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
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Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
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Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
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Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
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Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
