Riot Platforms reported record 2025 revenue of $647.4 million, up 72% from $376.7 million a year earlier. The company said the increase was largely driven by a $255.3 million jump in Bitcoin mining revenue, which rose to $576.3 million as Riot expanded operational hash rate and benefited from higher average Bitcoin prices. Riot produced 5,686 BTC in 2025, compared with 4,828 BTC in 2024.
Riot’s average cost to mine one Bitcoin (excluding depreciation) climbed to $49,645 from $32,216 the prior year. The company attributed the rise mainly to a 47% increase in the global network hash rate, which raised mining difficulty, although a 68% increase in power credits partially offset that pressure. Engineering revenue also grew, reaching $64.7 million versus $38.5 million in 2024.
Despite higher revenue, Riot reported a net loss of $663 million for 2025, driven by accounting adjustments and changes in the paper value of its Bitcoin holdings. Adjusted EBITDA for the year was $13 million.
At year-end, Riot held 18,005 BTC on its balance sheet, including 3,977 BTC pledged as collateral. Using a year-end Bitcoin price of $87,498, those holdings were valued at roughly $1.6 billion. The company also reported $309.8 million in cash, of which $76.3 million was restricted.
In January, Riot entered a data-center agreement with chipmaker AMD and sold Bitcoin to buy 200 acres of land in Rockdale, Texas. That move follows pressure from activist investor Starboard Value, which suggested Riot’s shift toward artificial intelligence and high-performance computing could justify a valuation as high as $21 billion and urged the company to accelerate the transition.
Riot’s push into AI and data-center operations mirrors similar strategies among other miners. Firms including Hive, Hut 8, TeraWulf and Iren are converting mining sites and power capacity into data centers, while companies like CoreWeave have already pivoted fully into AI infrastructure.
The broader mining industry faced headwinds in 2025 amid softer crypto prices. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year over year, with mining revenue falling to $42.2 million. TeraWulf posted quarterly revenue of $35.8 million, down from $50.6 million the previous quarter and below estimates. MARA Holdings recorded a fourth-quarter net loss of $1.71 billion, compared with net income of $528 million a year earlier, as revenue slipped 6% to $202.3 million.
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