🔻The mining company Riot ended the quarter with a loss of nearly $300 million

🧮 In the first quarter of 2025, the mining company Riot Platforms mined 1,530 BTC, 12% more than the previous year. The average cost of mining for the year nearly doubled, reaching $43,808 per 1 BTC. The company attributed the increase in costs to the consequences of halving in April 2024 and a 41% increase in network difficulty over the year.

As of the end of March, Riot had 19,223 BTC on its balance sheet.

Despite the increase in production and the doubling of total revenue to $161.4 million, Riot recorded a net loss of $296.4 million (compared to a profit of $211.8 million a year earlier). In addition to the effects of halving, Riot's loss is explained by equipment depreciation, infrastructure and data center expenses, as well as legal costs.

The company stated that the revenue growth is mainly driven by mining; however, Riot continues its strategic pivot towards infrastructure for AI and high-performance computing. For these purposes, a new technology park in Texas is being utilized, where Riot is expanding the area, improving network connectivity, and building a 1 GW substation, which is expected to be launched in early 2026.

In the photo, the company's data center with a capacity of 700 MW in Texas 🔋