Riot Delivers Record Revenue as Mining Industry Feels the Squeeze

Riot reported record revenue and higher BTC output in 2025, even as rising hash rate and accounting losses pressured margins across the mining industry.

Riot Platforms posted a record $647.4 million in revenue for 2025, up 72% from the prior year, even as many rival miners struggled with weaker crypto prices. The bulk of that came from $576.3 million in bitcoin mining revenue, driven by higher average BTC prices and a rise in operational hash rate. Riot produced 5,686 BTC in 2025, up from 4,828 the year before.

Still, it was not all smooth. The average cost to mine one bitcoin climbed to $49,645, reflecting a sharp increase in global network hash rate that made mining more competitive. Despite the revenue milestone, Riot reported a $663 million net loss, largely tied to accounting adjustments and changes in the paper value of its bitcoin holdings.

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Riot ended the year with 18,005 BTC, worth about $1.6 billion at year end prices, plus nearly $310 million in cash. As other miners report falling revenue and deeper losses, Riot is also pivoting toward AI and data center infrastructure, signing a deal with AMD as it looks to diversify beyond pure bitcoin mining.