Bitcoin mining company Riot Platforms reported a 19% increase in the quantity of Bitcoin it generated in 2023, mining a total of 6,626 BTC. The company also experienced a rise in annual revenue, primarily due to the higher average price of Bitcoin throughout 2023 compared to the bearish market of 2022.
According to a report published by Riot Platforms on February 22nd, the average cost for the company to mine a single Bitcoin in 2023 decreased by approximately $3,686 compared to the previous year. The report stated, “Riot’s cost to mine Bitcoin for 2023, after deducting power credits allocated to self-mining, averaged $7,539 per Bitcoin, compared to $11,225 in 2022, a year-over-year decrease of 33%.”
Furthermore, the average value of Bitcoin in 2023 exceeded that of 2022, resulting in a revenue increase for the year amounting to $280.7 million, compared to $259.2 million in the previous year.
In 2022, the cryptocurrency market faced one of its most severe bearish periods, with multiple crypto companies, including major exchange FTX, collapsing.
Meanwhile, over the past month, Riot’s stock price has surged by 47.47%. However, last week, it experienced a decline of approximately 10.65% over the five-day trading period. Currently, Riot’s share price stands at $14.85.
In December 2023, Cointelegraph reported that Riot acquired 66,560 mining rigs from manufacturer MicroBT, marking one of the largest expansions of hash rate in the company’s history in preparation for the Bitcoin halving scheduled for April.
In 2023, other Bitcoin mining firms achieved varying production results. Core Scientific produced 19,274 Bitcoin, while CleanSpark witnessed a 60% surge compared to 2022, mining over 7,300 Bitcoin during the year.
Meanwhile, Marathon Digital mined 12,852 Bitcoin in 2023. Additionally, it mined 1,853 Bitcoin in December alone, representing a 56% increase from November and a 290% increase compared to December 2022.
In more recent news, Riot, along with the Texas Blockchain Council, filed a lawsuit against the United States Department of Energy, Energy Information Administration, and the Office of Management and Budget for demanding intrusive data from crypto miners.
Magazine:
Wealthy, secluded, and boasting stunning beaches: Perth Crypto City Guide.