Riot Platforms Posts Mixed Q1 Results as Effects of Bitcoin ‘Halving’ Linger
By: bitcoin ethereum news|2025/05/03 01:00:01
0
Share
In brief Riot Platforms reported mixed earnings results for the first quarter of 2025. The company clocked $161.39 million in the quarter, slightly beating analysts’ expectations. Riot’s Bitcoin mining revenue jumped to $142.9 million for the period, up from $71.4 million during the same time last year. Riot Platforms posted mixed earnings results for the first quarter as it took steps to mitigate the effects of mining industry headwinds on its business. The Bitcoin miner clocked $161.39 million in revenue in the three-month period ending on March 31, up 13% from the previous quarter, the firm said Thursday in a statement. That’s roughly 2% above Wall Street’s expectations of $160.72 million. The company’s total revenue was largely boosted by its Bitcoin mining income, which jumped 100% in the first quarter from the year-prior quarter. “We achieved a new record for quarterly revenue...driven by the significant work our teams have put in during the preceding years,” Riot CEO Jason Les said, adding that his company had recently boosted its mining capabilities and operational efficiency. Still, Riot swung to a loss of $296.4 million, or $0.90 per share, for the period—significantly below the $136.44 million net income the company reported in the fourth quarter of 2024. The company’s Bitcoin mining yields also remained virtually unchanged from quarter to quarter. Riot mined 1,530 Bitcoin for the first quarter—just 1% more than the 1,516 it had mined in the previous quarter. Riot Platforms now holds 19,223 Bitcoin worth roughly $1.87 billion as of the time of writing. Bitcoin was recently trading at $97,222, up 65% in the past year, CoinGecko data shows. Riot shares were up 11.65% early Friday afternoon to trade at $8.67, according to Yahoo Finance . Riot’s mixed first-quarter results came as the miner has taken steps to push through the negative effects of “the halving” on its mining business. In April 2024, the Bitcoin blockchain cut in half the amount of BTC rewarded to miners who secure its network, increasing the difficulty and cost of Bitcoin mining. However, Riot has continued to build out its Corsicana Facility to meet the rising skill and capital demands of mining on the Bitcoin blockchain. In addition, Bitcoin prices averaged higher in the first quarter of 2025, as compared to the year-prior quarter, increasing the profitability of the company’s mining activities. As a result, Riot notched $142.9 million in token mining revenue in the first quarter, compared to $71.4 million during the same time last year. Riot’s performance last quarter also came amid a lawsuit brought against the firm by its bankrupt competitor Rhodium—a court battle that cost the miner more than $8 million in litigation costs in the first quarter. However, Riot acquired several assets belonging to Rhodium last month—a strategic move that effectively ends litigation between the firms and will save Riot money moving forward, according to Les. Edited by James Rubin Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Source: https://decrypt.co/317664/riot-platform-post-mixed-q1-results-effects-of-bitcoin-blockchains-halving-linger
You may also like
What are tokenized stocks? How equities are moving on-chain, explained
Zcash Co-founder Wants More Than 21 Million Bitcoins
Bankers Filed Suspicious Activity Report Over Farage's £5M Gift From Tether Billionaire
Analysis: Bitcoin May Enter a Phase of Bottoming Out, Selling Does Not Trigger Panic
BNB Chain builds new Layer 1 for agentic trading, targets 2027 mainnet
Witnesses of South Korea's 'Golden Era': Foreign Capital Profits, Retail Investors Take Over
The Quality of Currency Depends on the Credibility of Its Issuer
How Cryptocurrency Payments Work in Businesses
Is the Storage Cycle Peaking? Here’s a 'Fundamental Psychological Massage' from Bank of America
Upbit operator Dunamu wins bid for South Korea police crypto custody contract
ADI's Hidden Victory: From World Cup Entry to Traditional Financial Ecosystem
Bitcoin is not a stock, nor a company, but a monetary asset
What Are the Best Metals for Investment Besides Gold?
Odaily Editorial Team Tea Talk (July 8)
Controversy Surrounding Huawei's Prodigy Li Bojie and His DeepSeek Interview Experience Amid Web3 Investor Backlash
SemiAnalysis: Anthropic's Q3 Profit Expected to Exceed $1 Billion
Anthropic is quietly disrupting the AI commercial landscape. With the explosive popularity of Claude Code, its ARR has surged from $9 billion to over $60 billion in a single quarter, with API business gross margins exceeding 80% and net revenue retention rates reaching 500%. Research firm SemiAnalys...
From 'Never Sell Bitcoin' to Active Management: How is Strategy Coping with $1.26 Billion Annual Dividend Pressure?
Leverage Products Trigger Major Changes in Stock Market: How Did the South Korean Market Become a 'Casino'?
What are tokenized stocks? How equities are moving on-chain, explained
Zcash Co-founder Wants More Than 21 Million Bitcoins
Bankers Filed Suspicious Activity Report Over Farage's £5M Gift From Tether Billionaire
Analysis: Bitcoin May Enter a Phase of Bottoming Out, Selling Does Not Trigger Panic
BNB Chain builds new Layer 1 for agentic trading, targets 2027 mainnet
Witnesses of South Korea's 'Golden Era': Foreign Capital Profits, Retail Investors Take Over
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com

