Riot Reports Record $647M Revenue in 2025, Holds $1.6B in Bitcoin

Riot Platforms posted record annual revenue of $647.4 million for 2025, a 72% increase from $376.7 million the year before. The gain reflected a $255.3 million rise in Bitcoin mining revenue, which reached $576.3 million as operational hashrate increased and average Bitcoin prices climbed; Riot produced 5,686 BTC in 2025, up from 4,828 in 2024.

Engineering revenue also grew, rising to $64.7 million from $38.5 million. The company said the average cost to mine one Bitcoin, excluding depreciation, increased to $49,645 from $32,216, a change it attributed largely to a 47% rise in global network hashrate that raised mining difficulty.

That impact was partly offset by a 68% increase in power credits received during the year. Despite the revenue gains, Riot reported a net loss of $663 million driven by accounting adjustments and changes in the paper value of its Bitcoin holdings; adjusted EBITDA for the year was $13 million.

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