Riot Platforms, Inc. (NASDAQ: NASDAQ:RIOT), a major player in the Bitcoin mining sector with a market capitalization of $2.56 billion, reported record production of 533 Bitcoin for March 2025. This represents a significant increase compared to previous months and years. The latest figure represents a 13% increase from February 2025 and a 25% increase from March 2024. According to InvestingPro data, the company’s strong operating performance comes amid projected 84% revenue growth for the current year.
The company’s average daily Bitcoin production also saw an increase from 16.8 in February to 17.2 in March, representing a 25% year-over-year improvement. At the end of March, Riot held a total of 19,223 Bitcoin, representing 3% month-over-month growth and a significant 126% increase over the same period last year. InvestingPro analysis shows that Riot has a healthy financial position, with a current ratio of 3.74, indicating strong liquidity. The stock currently appears undervalued according to InvestingPro’s fair value model, with subscribers able to access more exclusive insights via 12.
In terms of operating capacity, Riot’s deployed hash rate showed a slight increase from 33.6 EH/s in February to 33.7 EH/s in March, while the average operating hash rate for the month was 30.3 EH/s, up from 29.4 EH/s in the previous month. This reflects an impressive 254% year-over-year growth.
Despite these production increases, the company reported a significant reduction in electricity credits, from $2.1 million in February to just $0.2 million in March, a 92% decrease. Total electricity credits for March were $0.9 million, a 69% decrease from $2.8 million in February and a 26% decrease from $1.2 million a year earlier.
Riot’s total electricity costs for March were 3.8 cents/kWh, up 5% from February but down 7% year-over-year. The company’s fleet efficiency remained stable at 21.0 J/TH, a 22% improvement from March 2024.
In addition to its mining operations, Riot has been exploring the potential of its Corsicana facility for AI/high-performance computing (HPC) applications. A feasibility study conducted by Altman Solon in March highlighted the site’s viability, citing a secured 1.0 GW power supply, proximity to Dallas, and developable land as key factors. With a beta of 4.36, investors should note the stock’s higher volatility relative to the market. For detailed analysis and comprehensive insights, including the firm’s comprehensive Pro Research report covering over 1,400 top stocks, visit InvestingPro.
Riot’s ongoing recruitment campaign aims to fill various positions within the company, further supporting infrastructure development and the operation of the Bitcoin network.
The information in this article is based on a press release from Riot Platforms, Inc.
In other recent news, Riot Platforms reported a significant 105% year-over-year increase in Bitcoin mining revenue for the fourth quarter of 2024, reaching $123 million, driven by a higher average Bitcoin price. The company also mined 470 Bitcoin in February 2025, representing a 12% year-over-year increase, despite a month-over-month decline. Riot Platforms announced a legal settlement that allows them to terminate a costly $15 million annual contract, potentially saving $90 million over six years. This agreement also frees up 125 megawatts of power for enhanced Bitcoin mining or AI/HPC development at its Rockdale facility.
Cantor Fitzgerald maintained an “Overweight” rating on Riot Platforms but adjusted its price target to $21, reflecting the company’s strong revenue growth and future hash rate projections. Meanwhile, Needham lowered its price target to $13.50 but maintained a “Buy” rating, highlighting Riot’s strategic shift toward AI/HPC applications at its Corsicana facility. H.C. Wainwright reiterated his “Buy” rating and $17 price target, highlighting Riot’s increased hash rate and plans for AI/HPC expansion.
Riot Platforms is actively exploring opportunities in high-performance computing and artificial intelligence and plans to utilize the 600 megawatts of power capacity at its Corsicana facility. The company is also focused on expanding its Bitcoin mining operations, with the goal of achieving a hash rate of 38 exahashes per second by the end of 2025. These developments reflect Riot Platforms’ strategic efforts to adapt to the evolving technological landscape and optimize its operational capabilities.
[newsletter_form lists="1"]
