Riot Platforms: From Crypto Mining to AI & HPC – You Won’t Believe What Happened Next! 🤯💸

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Move over, Bitcoin miners! Riot Platforms, the popular digital infrastructure company, just announced their record-breaking financial results for 2024. Despite the challenges in the cryptocurrency mining sector, they managed to rake in a whopping $376.7 million in total revenue – that’s a 34% increase from 2023’s $280 million. 💰

But wait, there’s more! They also reported a net income of $109.4 million, which is a massive turnaround from their $49.4 million net loss in 2023. Talk about a comeback! 🎉

Record Year For Riot

The revenue boost was primarily attributed to their Bitcoin mining operations, which generated nearly double the amount they made in 2023. However, they did mine fewer Bitcoins in 2024 (4,828 BTC compared to 6,626 BTC in 2023) due to rising mining costs, the Bitcoin halving event, and a 67% increase in the global network hash rate. 🔍

Riot also revealed that their “unique” power strategy helped reduce some of the cost pressures and achieve an all-in power cost of 3.4 cents per kilowatt hour across their facilities. They earned $33.7 million in power credits during the year, though this was down from $71.2 million in 2023. ⚡️

In 2024, Riot expanded through acquisitions, including the purchase of Block Mining and E4A Solutions. The Corsicana Facility was also energized, which is being deemed a milestone in Riot’s growth initiatives. 🏗️

AI and HPC Focus for 2025

To further boost their Bitcoin yield strategy, Riot raised $579 million through their inaugural convertible senior notes offering in December. The proceeds were used to acquire an additional 5,784 BTC, which increased the company’s Bitcoin holdings to 17,722 BTC by the end of 2024 – a 141% rise year-over-year. This accumulation brought the company’s Bitcoin treasury to approximately $1.65 billion based on year-end market prices. 📈

Looking ahead, Riot plans to capitalize on emerging opportunities in artificial intelligence (AI) and high-performance computing (HPC), particularly at their Corsicana Facility. 🤖💻

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2025-03-03 07:25