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BTCS Reports Record Revenue Growth For 2024 Driven By Focus On Ethereum Block Building
By Meg Flippin Benzinga DETROIT, MICHIGAN - March 25, 2025 (NEWMEDIAWIRE) - BTCS Inc. (NASDAQ: BTCS), the first public U.S. Bitcoin mining company that
About this update from Btcs Inc.
[{"type":"text","content":"By Meg Flippin Benzinga\nDETROIT, MICHIGAN - March 25, 2025 (NEWMEDIAWIRE) - 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. \n The company credits that growth to the success of Builder+, its advanced Ethereum block-building operation that leverages sophisticated algorithms to maximize validator rewards.\n\"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.\"\nBTCS Is In Growth Mode\nFor 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. \nThe 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. \nFounded in 2014, BTCS pioneered Bitcoin mining as the first U.S. public company in the space. Over the years, BTCS has shifted its focus to Ethereum, leveraging its expertise to drive growth in validator node operations and block building. Since shifting to Ethereum, BTCS has become a key participant in Ethereum's Proof-of-Stake ecosystem, operating 522 validator nodes.\nSharper Focus Pays Off\nDuring 2024, BTCS said its focus on building its Ethereum operations resulted in key developments that positioned it for growth in 2024 and beyond. These include the successful migration of most of its infrastructure from Amazon Web Services to bare metal servers, and the transition of its Builder+ p...