Riot Platforms' Bitcoin Production Soars by 19% in 2023 Amid Revenue Rise and Legal Moves
Summary:
In 2023, Bitcoin mining company Riot Platforms reported a 19% increase in its Bitcoin production and a rise in its yearly revenue. The company mined a total of 6,626 Bitcoins at an average cost of $7,539 per Bitcoin, a decrease of 33% year-over-year. The increase in Bitcoin's average value led to a yearly revenue of $280.7 million. Recent developments include Riot and the Texas Blockchain Council filing a lawsuit against the intrusive data collection from crypto miners by various U.S. departments.
In 2023, Riot Platforms, a Bitcoin mining company, saw a surge of 19% in its Bitcoin (BTC) production, churning out a total of 6,626 Bitcoins. Its yearly revenue also rose, primarily propelled by Bitcoin's high average rate throughout the year, as contrasted against the bear market of 2022. Riot Platforms' report issued on February 22 indicated that the expense of mining a single Bitcoin in 2023 dropped by approximately $3,686 compared to the previous year. Riot's average cost to mine Bitcoin in 2023, after accounting for power credits assigned to self-mining, was $7,539 per Bitcoin, down from $11,225 in 2022 – a year-on-year reduction of 33%, the report outlined.
Furthermore, Bitcoin's average valuation in 2023 exceeded that of 2022, leading to an annual revenue uplift - $280.7 million, as opposed to $259.2 million in the previous year. The Bitcoin mining revenue rise resulted from slightly enhanced Bitcoin values in 2023, averaging $28,859 per Bitcoin, against the 2022 rate of $28,245 per Bitcoin.
The crypto market witnessed a harsh bear market in 2022, resulting in the failure of several crypto businesses, including top exchange FTX. Riot's stock price shot up by 47.47% over the previous month. Nevertheless, it underwent an estimated 10.65% fall during the 5-day trading period last week. At present, Riot's stock price stands at $14.85.
In December 2023, it was reported by Cointelegraph that Riot purchased 66,560 mining rigs from MicroBT, denoting one of the firm's most significant hash rate expansion ahead of this year's Bitcoin halving scheduled for April.
Other Bitcoin mining companies demonstrated diverse results in 2023. While Core Scientific produced 19,274 Bitcoins, CleanSpark saw its output spike by 60% compared to 2022, mining over 7,300 Bitcoins in the year. In contrast, Marathon Digital reported 12,852 Bitcoins in 2023, with 1,853 Bitcoin mined in December alone – a jump of 56% from November, and a substantial 290% leap from December 2022.
In recent developments, Riot and the Texas Blockchain Council have lodged a lawsuit against the U.S. Department of Energy, Energy Information Administration (EIA), and Office of Management and Budget (OMB), challenging their "intrusive" data collection from crypto miners.
Published At
2/24/2024 4:25:54 AM
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