Riot Platforms achieved record revenue in the first quarter of 2025, primarily fueled by a surge in Bitcoin mining revenues. The company generated $142.9 million from Bitcoin mining operations, representing a significant jump from the previous year’s $71.4 million. This growth was driven by increased Bitcoin mining activity and the expansion of their Corsicana facility. Riot mined 1,530 BTC during Q1 2025, slightly up from the 1,364 BTC mined in Q1 2024. However, the average cost per bitcoin mined jumped to $43,808, largely attributed to the April 2024 Bitcoin halving and increased competition within the global mining landscape. CEO Jason Les attributes the record revenue to long-term investments, particularly in the expansion of Riot’s Corsicana facility. This expansion will increase total power capacity by 1.0 GW. Riot is also accelerating its AI and HPC data center business through strategic land acquisitions and infrastructure improvements. Key highlights include the acquisition of Rhodium’s mining operations at the Rockdale Facility, which eliminated losses associated with legacy power contracts and legal disputes worth $15 million annually. The company ended Q1 2025 with $310.3 million in working capital and held a Bitcoin reserve of 19,223 BTC, valued at approximately $1.6 billion, solidifying its position as a leading player in vertically integrated Bitcoin mining.