Bitcoin 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.“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.
On 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. Les said the $100 million loan from Coinbase’s credit arm marked Riot’s “first Bitcoin-backed facility.”Magazine: Japanese porn star’s coin red flags, Alibaba-linked L2 runs at 100K TPS: Asia ExpressThis article does not contain investment advice or recommendations.
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% increase in the average global network hashrate as compared to the same period in 2024,” Riot said.
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Author / Journalist: Cointelegraph by Ciaran Lyons
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