Riot Platforms announced a record annual revenue of $647.4 million for 2025, a significant 72% increase from the previous year. This surge was primarily fueled by a $255.3 million rise in Bitcoin mining revenue, which reached $576.3 million. Despite producing more Bitcoin (5,686 BTC), the average cost to mine one coin climbed to $49,645, largely due to increased global network hash rate. Engineering revenue also saw substantial growth.
Riot ended 2025 with 18,005 Bitcoin valued at approximately $1.6 billion. The company is strategically expanding into AI and data centers, evidenced by a recent data center agreement with AMD and land acquisition in Rockdale, Texas. This pivot aligns with a broader industry trend as other miners also explore AI infrastructure.
In contrast, several other publicly traded Bitcoin miners experienced financial difficulties in 2025. Core Scientific, TeraWulf, and MARA Holdings reported revenue declines and net losses, underscoring the challenging market conditions for many in the sector.