Riot Platforms posted record annual revenue of $647.4 million for 2025, a 72% increase from $376.7 million a year earlier. The company said the rise was primarily driven by a $255.3 million increase in Bitcoin (BTC) mining revenue, which reached $576.3 million as Riot’s operational hash rate grew and average Bitcoin prices rose. Riot produced 5,686 BTC in 2025, up from 4,828 BTC in 2024.
The average cost to mine one Bitcoin, excluding depreciation, rose to $49,645 from $32,216 in 2024. Riot attributed the higher cost mainly to a 47% increase in the global network hash rate, which increased mining difficulty. That effect was partly offset by a 68% increase in power credits received during the year. Engineering revenue increased to $64.7 million from $38.5 million in 2024.
Despite the revenue gains, Riot reported a net loss of $663 million due to accounting adjustments and changes in the paper value of its Bitcoin holdings. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the year was $13 million.
Riot closed 2025 holding 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 about $1.6 billion. The company also held $309.8 million in cash, of which $76.3 million was restricted.
In January, Riot signed a data center agreement with chipmaker AMD and sold Bitcoin to purchase 200 acres of land in Rockdale, Texas. The move follows pressure from activist investor Starboard Value, which suggested Riot’s pivot toward artificial intelligence and high-performance computing could support a valuation up to $21 billion and urged the company to accelerate the transition.
Riot’s push into AI and data centers echoes similar strategies among other miners. Companies including Hive, Hut 8, TeraWulf and Iren are converting mining facilities and power capacity into data-center operations, while some players such as CoreWeave have already transitioned fully into AI infrastructure.
Bitcoin miners broadly faced headwinds in 2025 amid weaker crypto prices. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year over year, with mining revenue nearly halved to $42.2 million. TeraWulf reported quarterly revenue of $35.8 million, down from $50.6 million in the previous quarter and below estimates. MARA Holdings posted 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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