Riot Platforms, one of the leading public companies in the bitcoin mining sector, reported historically high financial results for 2025, significantly improving its performance despite the challenging situation in the cryptocurrency industry.
This is reported by Business • Media
Financial Achievements and Strategic Transformation
Riot’s total revenue in 2025 reached $647.4 million, nearly double the previous year’s result. The majority of the revenue — $576.3 million — came from bitcoin mining. According to CEO Jason Les,
“2025 was a turning point for Riot, defined by the strategic evolution of our business that transformed our future trajectory.”
The company unlocked a portfolio of infrastructure capacity of nearly two gigawatts for high-demand data centers, allowing Riot to create additional value for investors.
Diversification: A Bet on AI and Data Centers
Riot is actively expanding beyond traditional mining, developing infrastructure for artificial intelligence and high-tech data centers. In particular, the company entered into a large-scale agreement with AMD for data center leasing, involving investments of up to $1 billion. The first phase of this partnership launched in January 2026 and has already begun generating revenue. Riot also acquired land for a new facility in Texas through the sale of 1080 BTC.
The CEO of Riot emphasizes:
“This partnership confirms our unique ability to rapidly provide large-scale energy capacities for the leading technology companies in the world.”
The company’s financial resources remain substantial: Riot holds 18,005 BTC (approximately $1.6 billion), $309.8 million in cash, and $302 million in gross profit. The average cost of mining one bitcoin is $49,645, despite a 47% increase in global hash rate.
Hybrid Business Model and Market Challenges
Riot is transforming into a hybrid company, combining crypto infrastructure and services for artificial intelligence. Engineering revenue for the year rose to $64.7 million, and hash rate efficiency reached 87%. The company also benefits from access to cheap electricity, which is approximately 3.7 cents per kWh. Thus, Riot is shifting from accumulating bitcoins to servicing infrastructure for data centers and artificial intelligence.
At the same time, the mining market remains under pressure. JPMorgan analysts estimate the cost of mining one bitcoin at around $77,000, while the cryptocurrency’s price recently fell below $64,000 amid escalating conflict between Iran and Israel. Over 35% of the hash rate was shut down due to extreme cold in the U.S., leading to widespread halting of mining farms.
Other major players are also changing their strategies. Bitdeer completely liquidated its bitcoin reserves, selling over 1100 BTC, while Core Scientific announced the sale of all bitcoins in 2026 to fund development in the AI sector.