Riot reports record $647M revenue in 2025 as other Bitcoin miners struggle

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Riot Platforms posted grounds yearly gross of $647.4 cardinal for the past year, up 72% from $376.7 cardinal a twelvemonth earlier.

In a Monday announcement, the institution said the summation was chiefly driven by a $255.3 cardinal leap successful Bitcoin (BTC) mining revenue, which reached $576.3 cardinal successful 2025 amid a emergence successful operational hash complaint and higher mean Bitcoin prices. During the year, Riot produced 5,686 Bitcoin, up from 4,828 BTC successful 2024.

The mean outgo to excavation 1 Bitcoin, excluding depreciation, climbed to $49,645 from $32,216 successful 2024. Riot attributed the higher outgo mostly to a 47% summation successful the planetary web hash rate, which raised mining difficulty. That interaction was partially offset by a 68% summation successful powerfulness credits received during the year, the institution said. Engineering gross besides rose, reaching $64.7 cardinal compared with $38.5 cardinal successful 2024.

Despite the grounds performance, Riot reported a nett nonaccomplishment of $663 cardinal due to the fact that of accounting adjustments and changes successful the insubstantial worth of its Bitcoin holdings. Adjusted net earlier interest, taxes, depreciation and amortization (EBITDA) for the twelvemonth was $13 million.

Riot closes 2025 with 18,005 BTC worthy $1.6 billion

Riot ended 2025 with 18,005 Bitcoin connected its equilibrium sheet, including 3,977 BTC pledged arsenic collateral. Based connected a year-end Bitcoin terms of $87,498, those holdings were valued astatine astir $1.6 billion. The institution besides held $309.8 cardinal successful cash, of which $76.3 cardinal was restricted.

In January, Riot signed a information halfway statement with chipmaker AMD and sold Bitcoin to bargain 200 acres of land successful Rockdale, Texas. The determination came aft activistic capitalist Starboard Value said the company’s displacement toward artificial quality and high-performance computing could transportation a valuation of up to $21 billion, urging the Bitcoin miner to accelerate the pivot.

Riot’s displacement toward AI and information centers comes amid akin moves by different large miners. Companies including Hive, Hut 8, TeraWulf and Iren are converting mining facilities and powerfulness capableness into data-center operations, and immoderate players specified arsenic CoreWeave person already transitioned afloat into AI infrastructure.

Bitcoin miners conflict amid crypto slump

Several publically traded Bitcoin miners faced unit successful 2025 arsenic crypto prices weakened. Core Scientific reported fourth-quarter gross of $79.8 million, down 16% twelvemonth implicit twelvemonth and beneath expert forecasts, with mining gross astir halved to $42.2 million. W

TeraWulf besides missed estimates, reporting quarterly gross of $35.8 million, down from $50.6 cardinal successful the erstwhile 4th and beneath expectations. MARA Holdings posted adjacent steeper losses. The miner reported a fourth-quarter nett nonaccomplishment of $1.71 billion, compared with nett income of $528 cardinal a twelvemonth earlier, arsenic gross slipped 6% to $202.3 million.

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