BTCS Reports Record Revenue Growth For 2024 Driven By Focus On Ethereum Block Building
BTCS Inc. (NASDAQ:BTCS), the first public U.S. Bitcoin mining company that shifted its focus last year to driving scalable revenue growth through its Ethereum blockchain infrastructure, seems to be reaping the benefits of that move, reporting a 204% year-over-year increase in revenue for all of 2024.
The company credits that growth to the success of Builder+, its advanced Ethereum block-building operation that leverages sophisticated algorithms to maximize validator rewards.
“In 2024, BTCS solidified its position as the leading publicly traded Ethereum infrastructure company, pioneering block-building operations at scale,” said the company’s management when reporting fourth quarter and full-year earnings results, “The success of Builder+, which optimizes block construction to maximize transaction fee (gas) revenue, drove record growth, underscoring the strength of both our strategic direction and execution.”
BTCS Is In Growth Mode
For the full year 2024, BTCS reported revenue of $4.1 million, up a record 204% from $1.3 million for 2023. For the fourth quarter, revenue of $2.3 million was up 612% from a year ago and 214% higher sequentially.
The blockchain company ended 2024 with $38.1 million in cash and cryptocurrency holdings, up 43% from $26.7 million at the end of 2023. In terms of net income, BTCS reported a net loss of $1.3 million or $0.08 per share for the year, compared to net income of $7.8 million, or $0.55 per share, in 2023, primarily driven by non-cash charges. Gross margins of 23% reflected the build-out of Builder+, reports the company.
Founded in 2014, BTCS pioneered Bitcoin mining as …
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