CandleFocus This Wall Street Bitcoin Miner Just Hoarded $1.65 Billion in BTC
2025-02-25
Author: Content Editor
Riot Platforms, a publicly listed Bitcoin miner, announced record financial results for 2024 despite facing challenges in the industry. The company reported a total revenue of $376.7 million and net income of $109.4 million. They finished the year with a deployed hash rate of 31.5 EH/s and increased their Bitcoin holdings to 17,722. Riot's power strategy proved effective with an average all-in power cost of 3.4 cents per kilowatt hour. However, the company faced higher production costs, with an average cost to mine each Bitcoin of $32,216. They produced 4,828 Bitcoin in 2024, down from 6,626 in the previous year. Riot completed a convertible senior notes offering and raised $579 million, which was used to purchase more Bitcoin. They are also exploring opportunities in the AI and high-performance computing sectors. The company maintained a strong financial position with $439.1 million in working capital.
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