Riot Platforms reported a record $647.4 million in annual revenue for 2025, a 72% increase from $376.7 million in 2024. The surge was largely fueled by Bitcoin mining, which generated $576.3 million, up $255.3 million from the prior year. Riot mined 5,686 BTC in 2025, compared to 4,828 BTC in 2024, benefiting from higher average Bitcoin prices and an expanded operational hash rate.
The average cost to mine one Bitcoin, excluding depreciation, rose to $49,645 from $32,216, reflecting a 47% increase in global mining difficulty. The impact was partially offset by a 68% rise in power credits earned during the year. Engineering services also contributed $64.7 million in revenue, up from $38.5 million in 2024.
Net Loss Despite Record Revenue
Despite the strong top-line performance, Riot reported a net loss of $663 million due to accounting adjustments and paper-value changes in its Bitcoin holdings. Adjusted EBITDA for the year was $13 million.
Bitcoin Holdings and Strategic Moves
Riot ended 2025 holding 18,005 BTC, including 3,977 BTC pledged as collateral, valued at approximately $1.6 billion based on a year-end price of $87,498 per Bitcoin. The company also held $309.8 million in cash. In January, Riot signed a data center agreement with AMD and purchased 200 acres in Rockdale, Texas, signaling a strategic pivot toward artificial intelligence and high-performance computing.
Other publicly traded Bitcoin miners struggled in 2025 amid declining crypto prices. Core Scientific, TeraWulf, Hive, Hut 8, and MARA reported falling revenues and, in some cases, substantial losses, highlighting Riot’s relative strength and operational efficiency in a challenging market.
Riot’s performance underscores the potential for well-capitalized miners to navigate mining difficulty increases and crypto volatility while diversifying into AI and data infrastructure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.