Riot Platforms Records 19% Surge in Bitcoin Mining in 2023

Riot Platforms, a Bitcoin mining company, has declared a substantial rise in its Bitcoin output for 2023, revealing a 19% surge compared to the prior year. Throughout the year, the company successfully mined a total of 6,626 Bitcoin, marking a significant expansion in its production.

According to a report published by Riot Platforms the total revenue for the year ended December 31, 2023, was $280.7 million, and consisted of $189.0 million in Bitcoin Mining revenue.

Bitcoin Mining Driving Revenue Growth

The increase in Bitcoin output led to a general upsurge in Riot Platforms’ yearly earnings, chiefly propelled by the elevated average price of Bitcoin throughout 2023 in contrast to the bearish market conditions observed in 2022.

According to the Riot Platforms report, the average expense for the company to mine one Bitcoin dropped by around $3,686 in 2023 compared to the prior year. This decline in mining expenses, excluding power credits assigned to self-mining, totaled $7,539 per Bitcoin, decreasing from $11,225 in 2022, marking a 33% year-on-year decrease.

Furthermore, the average value of Bitcoin mined by Riot Platforms in 2023 exceeded that of 2022, resulting in a revenue increase for the year. The firm reported a total revenue of $280.7 million in 2023, compared to $259.2 million in the previous year.

Riot Platforms’ positive performance in 2023 comes amidst a challenging market environment, with the crypto industry facing significant fluctuations and uncertainties. Despite this, Riot’s share price surged by 47.47% over the past month, demonstrating investor confidence in the company’s growth prospects.

Strategic Expansion Ahead Bitcoin Halving

In December 2023, Riot Platforms made headlines with its acquisition of 66,560 mining rigs from manufacturer MicroBT, marking one of the largest expansions of hash rate in the firm’s history. This strategic move was made ahead of the Bitcoin halving scheduled for April, positioning Riot Platforms for further growth and increased mining capacity.

This was after it announced on June 26 that it had invested $162.9 million on 33,280 “next-generation” miners for its Texas facility.

Riot Platforms Stats

Despite Riot Platforms’ impressive results in 2023, other Bitcoin mining companies also achieved noteworthy production outcomes.

Core Scientific generated 19,274 Bitcoin throughout the year, while CleanSpark saw a 60% increase from 2022, mining over 7,300 Bitcoin. Marathon Digital extracted 12,852 Bitcoin in 2023, notably ramping up production in December.