Bitcoin mining company Riot reported Q3 revenue of $180.2 million and net profit of $104.5 million.

PANews reported on October 31 that Riot Platforms (RIOT), a Bitcoin mining company, reported record revenue for the third quarter. For the three months ending September 30, revenue reached $180.2 million, with a net profit of $104.5 million, compared to only $84.8 million in the same period last year. The revenue growth was primarily driven by a $93.3 million increase in Bitcoin mining revenue, with 1,406 Bitcoins mined this quarter, up from 1,104 in the same period of 2024. A 52% quarter-over-quarter surge in global hashrate increased mining costs, with the average cost per Bitcoin (excluding depreciation) at $46,324 this quarter, compared to $35,376 in the same period last year. However, increased electricity credits partially offset these costs. In the first half of 2025, the company reported a net loss of $76.9 million due to capital expenditures driving a shift towards high-performance computing and AI. Riot's sustainable development also largely depends on its nearly 20,000 Bitcoins, worth over $2 billion. Data shows that the company's Bitcoin reserves rank second among mining companies and seventh among all publicly traded companies.