Riot Says $46K per BTC. My Calculator Says Otherwise.

Riot Platforms just released its Q3 2025 financials. They also claimed their average cost to mine one Bitcoin in Q3 was $46,324.

But something doesn’t quite add up. Let’s do the math together:

• Revenue: $180M
• Net profit: $104M
• That means total expenses were $76M.
• They mined 1,406 BTC during the quarter.
• Divide total expenses by mined BTC and you get $54,054 per Bitcoin.

So where did the missing $7,730 go? Maybe those are indirect costs not tied directly to mining — but if the business still pays them, shouldn’t they count toward the real cost of production?

Either way, the production cost is somewhere around $50K per BTC — still more than twice below the current market price.

Plenty of room to fall during the next bear market, huh?

So, are you ready to be patient and wait for Bitcoin to drop to $46K–$54K?

If getting the best price really matters to you — swap your crypto on rabbit.io.