Riot Platforms, a major publicly traded Bitcoin miner, reported a breakthrough financial year for 2025. The company posted record annual revenue of $647.4 million, a substantial 72% increase from $376.7 million in 2024. This growth was primarily fueled by a surge in its core Bitcoin mining operations.
Mining Revenue Soars Amid Operational Expansion
In its Monday announcement, Riot revealed that Bitcoin mining revenue jumped by $255.3 million to reach $576.3 million for the year. This performance was driven by two key factors: an increased operational hashrate, meaning more computing power dedicated to mining, and a higher average market price for Bitcoin (BTC) during the period. Consequently, Riot’s total Bitcoin production rose to 5,686 BTC in 2025, up from 4,828 BTC in the prior year.
However, the cost to mine each Bitcoin also climbed significantly. The average cash cost, excluding depreciation, rose to $49,645 per BTC from $32,216 in 2024. Riot attributed this increase largely to a 47% rise in the global Bitcoin network hashrate, which made the mining process more competitive and difficult. This pressure was partially mitigated by a 68% increase in power credits the company received. Revenue from its engineering services segment also saw healthy growth, reaching $64.7 million compared to $38.5 million in 2024.
A Record BTC Treasury and a Strategic Pivot
Despite the stellar revenue growth, Riot reported a significant net loss of $663 million for the year. This loss was primarily due to non-cash accounting adjustments and changes in the fair market value of its extensive Bitcoin holdings. On a non-GAAP basis, adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $13 million, providing a clearer view of core operational performance.
Riot closed 2025 holding a substantial Bitcoin treasury. The company reported 18,005 BTC on its balance sheet, of which 3,977 BTC were pledged as collateral. Based on a year-end Bitcoin price of $87,498, this stake was valued at approximately $1.6 billion. The company also maintained a strong cash position with $309.8 million in total cash, though $76.3 million of that was restricted.
The financial report coincides with a major strategic shift. In January, Riot announced a data center partnership with semiconductor giant AMD and executed a Bitcoin sale to fund the purchase of 200 acres of land in Rockdale, Texas. This move is a direct response to pressure from activist investor Starboard Value, which argued that pivoting Riot’s massive power capacity and infrastructure toward artificial intelligence (AI) and high-performance computing (HPC) could unlock a valuation up to $21 billion.
The Industry-Wide Shift from Mining to AI Infrastructure
Riot’s strategic recalibration is part of a broader industry trend. Facing the cyclical pressures of Bitcoin mining, several other major publicly traded miners are similarly repurposing their facilities. Companies like Hive Blockchain, Hut 8, TeraWulf, and Iren are converting mining sites into data centers to serve the booming AI/HPC market. Some competitors, such as CoreWeave, have already completed a full transition into dedicated AI infrastructure providers.
Broader Industry Challenges in 2025
Riot’s relative success in growing revenue stood in contrast to several peers who struggled during a period of weakening cryptocurrency prices in 2025. Core Scientific reported Q4 revenue of $79.8 million, down 16% year-over-year and below analyst expectations, with its mining revenue nearly halved to $42.2 million. TeraWulf also missed revenue estimates, reporting $35.8 million for the quarter, a decline from $50.6 million in the previous quarter. MARA Holdings (formerly Marathon Digital) faced even steeper losses, reporting a fourth-quarter net loss of $1.71 billion compared to net income of $528 million a year earlier, as revenue slipped 6% to $202.3 million.
These reports underscore the divergent paths within the Bitcoin mining sector. While companies like Riot leveraged scale and strategic moves to record top-line growth, others grappled with the combined headwinds of lower crypto prices and rising network difficulty, highlighting the intense capital-intensive nature of the business.
Source: Riot Platforms earnings reports, Yahoo Finance, and company press releases. All financial figures are in US dollars unless otherwise noted.
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