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01/11/25 00:52 UTC-04

Major U.S. Miner Reveals Bitcoin Production Costs

Mining Mining
Mining Major U.S. Miner Reveals Bitcoin Production Costs

According to a report by Riot Platforms, the cost of mining the leading cryptocurrency in 2024 amounted to $35,376 per coin. The 52% increase in global hashrate raised overall expenses, although part of the costs was offset through credit facilities.

For the first half of the year, Riot reported a net loss of $76.9 million, mainly due to significant capital investments in infrastructure and equipment upgrades.

The company ended the third quarter with a net profit of $104.5 million. The main driver of revenue growth was an increase in Bitcoin mining income, which reached $93.3 million for the quarter. Over three months, Riot mined 1,406 BTC, up 27% compared to July–October 2024.

CEO Jason Les stated that the company is actively investing in expanding its data center operations and aims to become a “multi-faceted data center operator.”

Founded in 2000 and based in Castle Rock, Colorado, the company was originally known as Riot Blockchain, Inc. In January 2023, it rebranded to Riot Platforms. Riot operates its own mining facilities in Texas and Kentucky, and also designs and manufactures power distribution equipment for mining farms.

Riot currently holds nearly 20,000 BTC, making it the second-largest Bitcoin holder among miners and the seventh-largest among all public companies.

Earlier, American Bitcoin — co-founded by Eric Trump, the son of the U.S. president — announced the purchase of 1,414 BTC worth $163 million. Following the transaction, the company’s total holdings reached 3,865 BTC.

See also: "China Becomes the World’s Third-Largest Bitcoin Mining Hub"

#Bitcoin (BTC) #Mining #USA

Editor: Yulia Krasnaya
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