Hold onto your hats, folks! Riot Platforms is making waves in the Bitcoin ocean! Despite mining fewer shiny digital coins this year, their Bitcoin stash skyrocketed by a whopping 141%, hitting a cool 17,722 BTC. How, you ask? Through some savvy strategic moves and fundraising magic!
Riot, a big name in the Bitcoin mining realm, just dropped some jaw-dropping numbers for 2024. They're basking in record-breaking glory thanks to a hefty boost in mining revenue and some clever acquisitions. Their revenue? A cool $376.7 million, up more than 34% from last year. Talk about a glow-up!
And get this, their net income did a total 180, soaring to $109.4 million from last year's loss of $49.4 million. Now that's what I call a comeback story!
The real hero here is Bitcoin mining, raking in $321 million, which is almost double the previous year. High Bitcoin prices and beefed-up mining power played a huge role in this success.
But there's a twist! Riot actually mined fewer Bitcoins in 2024 – 4,828 BTC, down from 6,626 BTC in 2023. The reasons? Rising mining costs, the Bitcoin halving in April, and a global hash rate that jumped 67%.
Mining costs shot up too, with each Bitcoin costing $32,216 to mine this year, a jump from last year's $3,831. Ouch! But fear not, Riot's unique power strategy kept them afloat, achieving a power cost of 3.4 cents per kilowatt hour. They snagged $33.7 million in power credits, though that's down from the previous year's haul.
2024 also saw Riot flexing its muscles with some strategic acquisitions. They snapped up Block Mining, boosting their mining game, and E4A Solutions, which beefed up their engineering prowess. Plus, their Corsicana Facility got a power-up, marking a major milestone in their growth journey.
In a major power move, Riot raised a whopping $579 million with its first convertible senior notes offering. This cash injection helped them scoop up an extra 5,784 BTC, bringing their total Bitcoin holdings to a dazzling 17,722 BTC by the year's end. Cha-ching!
Looking ahead, Riot is setting its sights on the future, eyeing opportunities in artificial intelligence and high-performance computing at their Corsicana Facility. The future looks bright and buzzing with possibilities for Riot Platforms! Stay tuned for more exciting developments from this Bitcoin powerhouse!
