- The Nasdaq Stock Exchange’s works increased by 34 % in the total revenue to $ 376.7 million in 2024.
- Bitcoin mining activities were the main source of high income, reaching $ 321 million.
Riot Platforms, a prominent mining company in Bitcoin, has reported standard financial results for 2024 due to the increase in mining and smart acquisition.
The business on the Nasdaq Stock Exchange witnessed an increase of 34 % in the total revenue to 376.7 million dollars in 2024 from 280 million dollars in the previous year, despite the difficulties in making cryptocurrency mining. During the same time frame, $ 109.4 million was net income.
Impressive
This amount is a significant improvement in the net loss for the past year of $ 49.4 million. Bitcoin mining activities were the main source of high income, reaching $ 321 million. This is more than twice more than $ 189 million registered in 2023. Because of the combination of high bitcoin prices and improved operational retail rate.
However, with 4828 BTC mining in 2024 compared to 6,626 BTC in 2023, the company Bitcoin Production decreased. The growing mining expenses, half of April 2024, and a 67 % increase in the global network retail rate is the reasons for the decline, according to the press statement this week.
The average cost of the bitcoin sector increased to $ 32,216 in 2024 from $ 3,831 in 2023, according to RIOT. This huge rise was caused by a group of factors, including a more competitive mining market and low power balances.
In addition, the company said that the “unique” energy approach contributed to the “unique” energy cost of 3.4 cents per kilowatt in all its locations, which reduces some cost restrictions. Despite a decrease of $ 71.2 million in 2023, the company managed to raise $ 33.7 million of energy credits for this year.
The growth of riots through the acquisitions was a major event in 2024. Its mining activities were expanded, for example, when the mass mining got in July. Its skills in engineering work and operations have been strengthened with the purchase of E4A solutions. The important step in the expansion plans for riots was to stimulate the Corsicana facility last year.
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