Riot Platforms has announced record-breaking financial results for the third quarter of 2025, reporting a net profit of $104.5 million. The result offset earlier losses and marked one of the strongest quarters in the company’s history. According to a report published on October 30, 2025, Riot’s revenue soared to $180.2 million, more than doubling from $84.8 million during the same period last year. The primary driver behind this surge was a sharp increase in Bitcoin mining revenue, which reached $93.3 million. During the quarter, Riot mined 1,406 BTC, up 27% from Q3 2024, underscoring its growing efficiency and scale in the competitive mining sector. Rising Costs and Expanding Infrastructure The company reported that its average cost of mining, excluding depreciation, climbed to $46,324 per Bitcoin, compared with $35,376 last year. Riot attributed part of the increase to a 52% rise in global network hashrate, which drove up overall costs, though energy credits helped offset the impact. CEO Jason Les highlighted that Riot is channeling profits into strategic data center expansion — including the 112 MW Corsicana campus, designed to host both Bitcoin mining and high-performance computing (HPC) for artificial intelligence workloads. Les said the company is aiming to become a “multi-service data center operator”, blending blockchain and AI infrastructure. Earlier in 2025, Riot posted a net loss of $76.9 million due to heavy capital investments in infrastructure and equipment. However, the company ended Q3 with a solid cash position and strong Bitcoin reserves, signaling a robust turnaround. Nearly 20,000 BTC in Holdings Riot currently holds around 20,000 BTC, valued at over $2 billion at current market prices. This makes Riot the second-largest Bitcoin holder among mining firms and the seventh-largest among all public companies. Industry reports earlier this year noted that Bitcoin miners’ total debts rose by 500% over the past year, reaching nearly $13 billion — but Riot’s profitable rebound and growing reserves may set it apart from competitors heading into 2026.