Bitcoin miner Riot Platforms Inc. RIOT reported its fourth-quarter results after Monday's closing bell. Here's a look at the details from the report. 

The Details: Riot Platforms reported fiscal 2024 revenue of $376.7 million, which beat the analyst consensus estimate of $372.34 million.

For fiscal 2024:

• Total revenue of $376.7 million, as compared to $280.7 million for 2023. The increase was primarily driven by a $132 million increase in Bitcoin BTC/USD mining revenue.
• Produced 4,828 Bitcoin as compared to 6,626 during the same 12-month period in 2023.
• The average cost to mine Bitcoin, excluding depreciation, was $32,216 in 2024, as compared to $3,831 per Bitcoin in 2023. The increase was primarily driven by a 53% decrease in power credits received in FY 2024 relative to power credits received in FY 2023, the block subsidy “halving” event, which occurred in April 2024, and a 67% increase in the average global network hash rate as compared to the same period in 2023.
• Bitcoin mining revenue of $321 million for the year, as compared to $189.0 million for the same 12-month period in 2023, primarily driven by higher average Bitcoin prices and an increase in operational hash rate, partially offset by an increase in network difficulty and the block subsidy ‘halving’ event.
• Engineering revenue of $38.5 million for the year, as compared to $64.3 million for the same 12-month period in 2023.
• Held 17,722 unencumbered Bitcoin, equating to approximately $1.65 billion based on a market price for one Bitcoin on Dec.31, 2024, of $93,354.

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“Riot had a remarkable year in 2024, generating record revenue of $376.7 million and net income of $109.4 million,” said Jason Les, CEO of Riot.

“These results are particularly noteworthy in the context of the Bitcoin network’s ‘halving’ in April of 2024, and an increase in global hash rate of 67% over the course of the year. Riot also generated record adjusted EBITDA of $463.2 million in 2024, demonstrating the value of our Bitcoin treasury policy of retaining Bitcoin production rather than selling,” Les added.

RIOT Price Action: According to data from Benzinga Pro, Riot Platforms shares are up 3.50% after-hours at $10.34 Monday.  

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