Bitcoin miner Riot Platforms reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled compared to the same period last year amid efforts to expand its facilities.
“We achieved a new record for quarterly revenue this quarter, at $161.4 million,” Riot CEO Jason Les said in a May 1 report for its first quarter 2025 earnings. The company just surpassed Wall Street estimates of $159.79 million by 1%.
Riot’s Q1 revenue was a 50% jump compared to the same quarter a year ago.
Riot blames “halving event” for expenses
The firm reported a net loss of $296,367 over Q1, a 240% decrease from the $211,777 net income it posted in the year-ago quarter.
Riot said that the average cost to mine Bitcoin (BTC) over the quarter was $43,808, almost 90% more than the $23,034 it cost to mine Bitcoin in the same period last year.
“The increase was primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% incre

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