Riot Platforms reported a net loss of $296,367 for Q1 2025, despite achieving a record quarterly revenue of $161.4 million, slightly surpassing the Wall Street estimate of $159.79 million. This revenue marked a 50% increase year-over-year. The company attributed its losses to a significant rise in mining costs, which have nearly doubled from the previous year due to the April 2024 block subsidy halving and a 41% increase in the global network hashrate. The average cost to mine Bitcoin in this quarter was $43,808, compared to $23,034 in Q1 2024. Despite the losses, Riot produced 166 more Bitcoin than the same period in 2024, totaling an output that translates to approximately $16.13 million at current prices. As of now, Riot holds 19,223 unencumbered Bitcoin, valued at around $1.86 billion. Additionally, the company secured a $100 million credit facility with Coinbase to support its expansion efforts.

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