Riot Platforms Records High Revenue but Sees Net Loss Due to Rising Mining Costs

Bitcoin mining firm Riot Platforms reported record-breaking revenue of $161.4 million for the first quarter of 2025, a surge of 50% year-over-year. Despite this success, the company experienced a net loss due to rising operational expenses. According to their May 1 earnings report, the average cost to mine one Bitcoin increased sharply to $43,808 from $23,034 last year, primarily attributed to the April 2024 Bitcoin halving and a significant rise in global network hashrate.