EQS-News: 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 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 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.

Sharper Focus Pays Off

During 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+ platform to Rust programming language from Go. By doing that, BTCS expects to significantly reduce operational costs and enhance system performance. 

The company also implemented a data lake that stores and manages data securely, invested and partnered with ETHGas and rolled out rebates. If that wasn’t enough, BTCS also launched its Staking Protection Plan with WonderFi and Figment, and its scaled validator implementation with Rocket Pool. As a result of all those efforts, BTCS says its peak daily block-building market share was more than 1.5% of all transactions processed on Ethereum’s network and has averaged over 1% during the last 30 days. “With a strong foundation in place, BTCS is well-positioned to execute our strategy and maximize shareholder value,” said the company in its earnings press release. 

More Growth In 2025?

Looking ahead to full-year 2025, BTCS is optimistic more growth is on the cards. The company pointed to several drivers including a pro-crypto regulatory environment, which it said the industry has not seen in the past ten years. 

BTCS highlighted the U.S. Securities and Exchange Commission’s move to dismiss several high-profile inquiries into the crypto businesses of Coinbase Global Inc., Robinhood Markets Inc., Uniswap, Gemini, Consensys, Cumberland and Ripple as a reason for optimism. BTCS says that the shift in the regulatory environment and the clarity it brings set the stage for innovation and renewed growth across the industry.

Then there’s the Pectra Ethereum upgrade coming this year which is designed to boost network speed, lower costs and simplify transactions. Once it's complete, users will be able to pay transaction fees with tokens instead of just ETH, increase staking limits from 32 ETH to 2,048 ETH to improve efficiency and expand transaction capacity through blob – or large packets of data – technology. “With these advancements, Ethereum is strengthening its competitive edge against Solana, positioning itself to remain the go-to blockchain for DeFi, NFTs and beyond,” said BTCS management.

BTCS also expects to see more attention in the Ethereum space given Ethereum ETF approvals were granted in 2024. That should drive more traditional investors into the market and more long-term capital inflows into Ethereum, cementing its position as a player in the global digital economy which it’s confident is poised for growth. Looking at forecasts, the global digital economy is forecast to reach $16.5 trillion by 2028, accounting for 17% of global GDP.

“These transformational developments far outweigh any short-term price fluctuations in the crypto market. Enhanced scalability, improved regulatory clarity, and increasing institutional participation create a strong foundation for long-term growth,” BTCS management said, “As blockchain adoption accelerates, Ethereum’s ongoing advancements position it as the premier network for decentralized applications, reinforcing the bullish outlook for the sector.”

Featured photo by CHUTTERSNAP on Unsplash.

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News Source: Benzinga