Riot Platforms revenue grows to $370 million in 2024, but Bitcoin production declines

According to The Block, RiotPlatforms released a report stating that its total revenue for 2024 was $376.7 million, a year-on-year increase of 34.2%. Net income increased to $109.4 million, while net loss in 2023 reached $49.4 million. Despite revenue growth, Riot's production of Bitcoin has decreased in 2024, with a total output of 4828 coins, a decrease from the previous year's 6626 coins, mainly due to a surge in mining costs. And Riot's average mining cost per Bitcoin (excluding depreciation) reached $32216 in 2024, compared to $3831 in 2023. The rise in mining costs is mainly affected by a 53% reduction in electricity subsidies in 2024 and a 67% increase in global hash rates. According to Bitbo data, by the end of January 2025, Riot's Bitcoin holdings will increase to 18221, becoming the third largest listed company to hold Bitcoin after Strategy and Marathon Digital Holdings.