Riot Platforms posts Q1 loss, beats revenue estimates
By: bitcoin ethereum news|2025/05/02 23:30:01
0
Share
Bitcoin miner Riot Platforms reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled compared to the same period last year amid efforts to expand its facilities. “We achieved a new record for quarterly revenue this quarter, at $161.4 million,” Riot CEO Jason Les said in a May 1 report for its first quarter 2025 earnings. The company just surpassed Wall Street estimates of $159.79 million by 1%. Riot’s Q1 revenue was a 50% jump compared to the same quarter a year ago. Riot blames “halving event” for expenses The firm reported a net loss of $296,367 over Q1, a 240% decrease from the $211,777 net income it posted in the year-ago quarter. Riot said that the average cost to mine Bitcoin (BTC) over the quarter was $43,808, almost 90% more than the $23,034 it cost to mine Bitcoin in the same period last year. “The increase was primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024,” Riot said. Shares in Riot Platforms (RIOT) closed May 1 trading up 7.32%, trading at $7.77, according to Google Finance. Meanwhile, Riot produced 166 more Bitcoin during the quarter than it did over the same period in 2024. At the time of publication, with Bitcoin trading at $97,072, that equates to approximately $16.13 million. Related: Bitcoin miner Phoenix Group adds 52 MW of mining capacity in Ethiopia Riot currently holds 19,223 unencumbered Bitcoin, worth approximately $1.86 billion at the time of publication. On April 23, Riot announced that it had used its massive Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase as the cryptocurrency miner eyes continued expansion. Les said the $100 million loan from Coinbase’s credit arm marked Riot’s “first Bitcoin-backed facility.” Magazine: Japanese porn star’s coin red flags, Alibaba-linked L2 runs at 100K TPS: Asia Express This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Source: https://cointelegraph.com/news/riot-platforms-bitcoin-miner-revenue-earnings-report-q1-2025?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
You may also like
What is a flash loan? Borrowing millions with zero collateral, explained
AI is Changing Employment Expectations in the U.S., Fed May Remain Cautious
Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC
What are RWA perpetuals? Trading stocks and commodities as crypto perps
OpenAI lands GPT-5.6 approval as traders rush pre-IPO futures
What is liquidation in crypto? Margin calls, health factors, and how positions die
Venezuela entrusts taxes to 'cryptocurrency expert' - is USDT under scrutiny?
US Power Grid Issues Red Alert Amid Heatwave, Is Bitcoin Mining the Scapegoat?
Central Banks, Parliaments, and Atlantic Players at the Euro Stablecoin Table
What are tokenized stocks? How equities are moving on-chain, explained
Zcash Co-founder Wants More Than 21 Million Bitcoins
Bankers Filed Suspicious Activity Report Over Farage's £5M Gift From Tether Billionaire
Analysis: Bitcoin May Enter a Phase of Bottoming Out, Selling Does Not Trigger Panic
BNB Chain builds new Layer 1 for agentic trading, targets 2027 mainnet
Witnesses of South Korea's 'Golden Era': Foreign Capital Profits, Retail Investors Take Over
The Quality of Currency Depends on the Credibility of Its Issuer
How Cryptocurrency Payments Work in Businesses
Is the Storage Cycle Peaking? Here’s a 'Fundamental Psychological Massage' from Bank of America
What is a flash loan? Borrowing millions with zero collateral, explained
AI is Changing Employment Expectations in the U.S., Fed May Remain Cautious
Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC
What are RWA perpetuals? Trading stocks and commodities as crypto perps
OpenAI lands GPT-5.6 approval as traders rush pre-IPO futures
What is liquidation in crypto? Margin calls, health factors, and how positions die
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com

