Riot Platforms Sets 26% Hash Rate Growth Target, Expands Data Center Operations Amid Leadership Hires

Riot Platforms, Inc. (RIOT) aims to achieve a 26% hash rate growth target and expand its data center operations following the appointment of a key leadership hire. CEO Jason Les emphasized the company's transformation into a robust and scalable data center segment, leveraging its ability to build high-performance compute data centers.

Riot Platforms, Inc. (RIOT), a leading provider of Bitcoin-driven data centers, has reported robust financial results for the second quarter of 2025. The company's strong performance was driven by a significant increase in Bitcoin mining revenue and a record net income of $219.5 million [1]. The quarter saw a total revenue of $153.0 million, a substantial increase from the same period in 2024, primarily due to an $85.1 million increase in Bitcoin Mining revenue [1].

The company produced 1,426 bitcoins in the quarter, compared to 844 in the same period last year, reflecting a 69% increase in production [1]. The average cost to mine bitcoin, excluding depreciation, was $48,992, up from $25,329 per bitcoin in the same period last year [1]. This increase was mainly attributed to the block subsidy 'halving' event and a 45% rise in the average global network hash rate [1].

Riot's engineering revenue also saw a rise, reaching $10.6 million compared to $9.6 million in the same period last year [1]. The company's capex savings since the acquisition of ESS Metron in December 2021 amounted to $18.5 million, highlighting the benefits of its vertical integration strategy [1].

The company maintained a strong financial position, with $141.1 million in working capital, including $255.4 million in unrestricted cash on hand, $74.9 million in restricted cash, and $62.5 million in marketable equity securities [1]. Riot held 19,273 bitcoins, equating to approximately $2.1 billion based on the market price of one bitcoin on June 30, 2025 [1].

CEO Jason Les emphasized the company's transformation into a robust and scalable data center segment, leveraging its ability to build high-performance compute data centers. The appointment of Jonathan Gibbs as Chief Data Center Officer underscores Riot's commitment to expanding its data center operations [1].

Looking ahead, Riot aims to achieve a 26% hash rate growth target and expand its data center operations, leveraging its expertise in high-performance computing and Bitcoin mining [1]. The company's strong financial position and access to capital markets position it well to capitalize on surging demand for high-performance computing and Bitcoin growth [1].

References:
[1] https://www.riotplatforms.com/riot-platforms-reports-second-quarter-2025-financial-results-current-operational-and-financial-highlights/