Riot Platforms Reports Record-Breaking Financial Growth in 2024

A pioneer in Bitcoin mining, Riot Platforms, Inc. (NASDAQ: RIOT), has revealed outstanding financial statistics for 2024. The business made a record $376.7 million in revenue and $109.4 million in net profitability. These successes were emphasized by CEO Jason Les, who pointed out that they occurred in spite of the Bitcoin network’s halving in April and a 67% increase in the hash rate worldwide.

Additionally, the business recorded an adjusted EBITDA of $463.2 million, which supported its decision to retain onto Bitcoin rather than sell it. Riot is well-positioned for future expansion because to its strong financial position, especially in the fields of high-performance computing (HPC) and artificial intelligence (AI).

Expanding Operations and Increasing Bitcoin Holdings

Riot significantly expanded its infrastructure in 2024. The company energized its Corsicana Facility and acquired Block Mining and E4A Solutions, strengthening its mining and engineering capabilities. These developments helped Riot mine 4,828 Bitcoin at an average direct cost of $32,216 per coin. Its power strategy, which secured an all-in cost of 3.4 cents per kilowatt-hour, contributed to these cost efficiencies.

In addition to growing its mining operations, Riot bolstered its Bitcoin reserves. The company raised $579 million through its first convertible senior notes offering in December, using the proceeds to acquire 5,784 Bitcoin. This move increased Riot’s total Bitcoin holdings to 17,722 by year-end—a 141% jump from the previous year—resulting in a 39% Bitcoin yield for shareholders.

Currently, Riot is concentrating on incorporating AI and HPC into its power resources. The company sees a chance to optimize asset value with its Corsicana Facility’s one gigawatt of capacity, which includes 600 megawatts of underutilized power. The facility, which is located close to Dallas, Texas, is drawing interest from possible partners.

Riot’s combination of electricity efficiency, Bitcoin mining, and strategic investments positions it for future growth as it enters 2025. The business is still dedicated to increasing shareholder value by growing its operations and taking advantage of fresh opportunities in cutting-edge technologies.