{"id":128434,"date":"2025-05-02T06:20:00","date_gmt":"2025-05-02T06:20:00","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128434"},"modified":"2025-05-02T06:20:00","modified_gmt":"2025-05-02T06:20:00","slug":"riot-platforms-posts-q1-loss-beats-revenue-estimates","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128434","title":{"rendered":"Riot Platforms posts Q1 loss, beats revenue estimates"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin miner Riot Platforms has reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled compared to the same time last year and it moves to bolster its facilities.<br \/>\n\u201cWe achieved a new record for quarterly revenue this quarter, at $161.4 million,\u201d 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%.<br \/>\nRiot\u2019s Q1 revenue was a 50% jump compared to the same quarter a year ago.<br \/>\nRiot blames \u201chalving event\u201d for expenses<br \/>\nThe 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.<br \/>\nRiot 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.<br \/>\n\u201cThe increase was primarily driven by the block subsidy \u2018halving\u2019 event, which occurred in April 2024, and a 41% increase in the average global network hashrate as compared to the same period in 2024,\u201d Riot said.<br \/>\nShares in Riot Platforms (RIOT) closed May 1 trading up 7.32%, trading at $7.77, according to Google Finance.<br \/>\nRiot Platforms is down 13.47% over the past six months. Source: Google FinanceMeanwhile, Riot produced 166 more Bitcoin during the quarter than it did over the same period in 2024. At the time of publication, with Bitcoin trading at $97,072, that equates to approximately $16.13 million.<br \/>\nRelated: Bitcoin miner Phoenix Group adds 52 MW of mining capacity in Ethiopia<br \/>\nRiot currently holds 19,223 unencumbered Bitcoin, worth approximately $1.86 billion at the time of publication.<br \/>\nOn April 23, Riot announced that it had used its massive Bitcoin stockpile as collateral to secure a $100 million credit facility from Coinbase as the cryptocurrency miner eyes continued expansion.\u00a0<br \/>\nLes said the $100 million loan from Coinbase\u2019s credit arm marked Riot\u2019s \u201cfirst Bitcoin-backed facility.\u201d<br \/>\nMagazine: Japanese porn star\u2019s coin red flags, Alibaba-linked L2 runs at 100K TPS: Asia Express<br \/>\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<a href=\"https:\/\/cointelegraph.com\/news\/riot-platforms-bitcoin-miner-revenue-earnings-report-q1-2025?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin miner Riot Platforms has reported its highest-ever quarterly revenue, but still posted a loss as mining costs have nearly doubled compared to the same time last year&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128434"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128434"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128434\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128434"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}