Bitcoin miner Riot Platforms reported record 2025 revenue of $647.4 million, a 72% annual increase, while its stock price dramatically underperformed Bitcoin. The company mined 5,686 BTC, but its average cost to produce one Bitcoin surged to $49,645, highlighting growing profitability pressures across the mining industry as network competition intensifies.
Riot Platforms announced full-year 2025 financial results showing significant growth amid rising operational costs. The company reported record revenue of $647.4 million, a 72% increase from the $376.7 million recorded in 2024.
This revenue was supported by mining 5,686 Bitcoin during the year, an increase from 4,828 BTC mined the previous year. Chief Executive Officer Jason Les stated the year marked “a watershed year for Riot” and that the company has “never been in a stronger position.”
The firm ended the year with a strong liquidity position, holding 18,005 BTC worth approximately $1.6 billion and $309.8 million in cash. However, its stock performance diverged sharply from Bitcoin’s price, which ended 2025 near $87,498, as the miner’s shares traded sideways.
A key pressure point was the sharp increase in the average cost to mine one Bitcoin, which reached $49,645 in 2025. This was up significantly from $32,216 in 2024, driven in part by a 47% rise in the global network hash rate.
The broader mining industry faces a long-term trend of declining revenue relative to the network’s growth, exacerbated by periodic Bitcoin halvings. Recent data still shows short-term revenue surges, but the overall trajectory points to growing profitability challenges for miners.
For 2026, the industry contends with additional variables including trade tariffs and economic uncertainty. Riot Platforms’ future revenue will depend on its ability to expand streams beyond pure mining.
