Bitcoin Miner Riot Platforms reported their highest quarterly revenues in history, but still noted the loss, because the cost of mining almost doubled compared to the same Pore last year and moves to strengthen their facilities.
“In this quarter we have achieved a new quarterly revenue record, USD 161.4 million each,” General Director of Jason Les riots he said In the report of May 1 for the first quarter of 2025 earnings. The company has just crossed Wall Street estimates USD 159.79 million per 1%.
Revenue from Q1 Riot was a 50% jump compared to the same quarter a year ago.
Riot blames the “Event by half” for expenses
The company reported a net loss of USD 296 3,37 compared to the quarter, which is a 240% decrease compared to USD 2,1777, which he played in the previous quarter.
Riot said that the average cost of the Bitcoin mine (BTC) in this quarter amounted to 43,808 USD, almost 90% more than USD 23,034 of the cost of Bitcoin mining in the same period last year.
“The increase was primarily caused by the” half “block subsidy event, which took place in April 2024, and 41% increase in the average global network hashrat compared to the same period in 2024.” Riot said.
Actions from Riot Platforms (Riot) were closed on May 1, rotating by 7.32%, trade by 7.77 USD, According to to Google Finance.
Meanwhile, Riot produced 166 more Bitcoins in this quarter than in the same period in 2024 at the time of publication, with Bitcoin trade in the amount of USD 97,072, which corresponds to around USD 16.13 million.
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Riot currently has 19,223 unloaded bitcoins worth about $ 1.86 billion at the time of publication.
On April 23, Riot announced that he had used his huge Bitcoin reserves as security to secure a $ 100 million loan plant from Coinbase, when the mine’s mine’s eyes of cryptocurrency lasted.
Les said that a loan of $ 100 million on Coinbase credit meant “the first object supported by Bitcoin.”
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