Bitcoin mining company Riot Platforms reported its highest-ever quarterly revenue of $161.4 million, exceeding Wall Street estimates by 1%. Despite the record revenue, the company still posted a net loss of $296,367 in the first quarter of 2025. This loss was attributed to a nearly doubled mining cost of $43,808 per Bitcoin, compared to $23,034 in the same period last year. The increase in mining costs was primarily due to the block subsidy halving event and a 41% rise in the global network hashrate. Riot Platforms also announced a $100 million credit facility secured by its Bitcoin holdings for further expansion. The company currently holds 19,223 unencumbered Bitcoins, valued at approximately $1.86 billion. Additionally, Riot produced 166 more Bitcoins in the quarter compared to the previous year, equating to around $16.13 million at the current Bitcoin price of $97,072. Read more AI-generated news on: https://app.chaingpt.org/news

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