- Riot Platforms reported record annual revenue of $647.4 million for 2025, a 72% increase driven by surging Bitcoin mining income.
- Despite the revenue growth, the company posted a significant net loss of $663 million due to accounting adjustments and changes in Bitcoin’s paper value.
- Riot ended the year holding a 17,005 BTC treasury worth roughly $1.6 billion and is pivoting toward AI data center operations.
- Other major Bitcoin miners like Core Scientific and TeraWulf struggled with declining revenue and missed analyst estimates in 2025.
Riot Platforms announced record annual revenue of $647.4 million for 2025 on Monday, marking a substantial 72% increase from the previous year according to the company’s official release. This growth was primarily fueled by a massive $255.3 million jump in Bitcoin mining revenue, which reached $576.3 million amid higher operational hashrate and rising average Bitcoin prices.
The company produced 5,686 Bitcoin during the year, up from 4,828 BTC in 2024. However, the average cost to mine one Bitcoin, excluding depreciation, climbed significantly to $49,645 from $32,216 a year earlier. Riot attributed this higher cost largely to a 47% increase in the global network hashrate, which substantially increased mining difficulty.
Consequently, despite the record top-line performance, Riot reported a staggering net loss of $663 million because of accounting adjustments and changes in the paper value of its Bitcoin holdings. The company closed 2025 with 18,005 Bitcoin on its balance sheet, valued at roughly $1.6 billion based on a year-end price of $87,498, as shown in its financial documents.
Riot is strategically diversifying, signing a data center agreement with chipmaker AMD and purchasing land in Texas after activist investor Starboard Value urged a faster pivot. Meanwhile, other publicly traded Bitcoin miners faced severe pressure in 2025 as crypto prices weakened. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year-on-year and below analyst forecasts.
TeraWulf also missed estimates, reporting quarterly revenue of $35.8 million, down from the previous quarter. MARA Holdings posted even steeper losses, reporting a fourth-quarter net loss of $1.71 billion compared with net income of $528 million a year earlier. This industry-wide struggle highlights the volatility and competitive challenges within the crypto mining sector.
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