Report: Riot Platforms Bitcoin Output Increased by 19.5% in 2023

Report: Riot Platforms Bitcoin Output Increased by 19.5% in 2023

Riot Platforms’ Latest Report

In a report released on February 23rd, Bitcoin mining company Riot Platforms said its BTC output rose by 19.% in 2023 after mining 6,631 coins. Moreover, the firm recorded an uptick in yearly revenue, primarily because of the increase in Bitcoin price last year compared to the previous year.

Per Riot Platforms’ report, the average cost the firm incurred to mine one BTC in 2023 declined by $3,739 or about 34% compared to 2022. The company revealed that it spent $7,563 and $11,302 to mine Bitcoin in 2023 and 2022, respectively.

Further, the average value of BTC last year was higher than the previous year, resulting in an increase in revenue. Riot Platforms reported that its annual revenue in 2023 stood at $280.6 million, compared to $258.9 million posted in 2022.

Bitcoin saw its value depreciate massively in 2022 following the collapse of numerous crypto companies, such as the FTX exchange. In November of that year, Bitcoin plummeted to nearly $16,000.

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RIOT Stock Surges 46.87%

Meanwhile, Riot Platforms shares have performed tremendously over the last 30 days. According to data from stock exchange Nasdaq, the RIOT stock has posted 30 day-gains of 46.87%. It has closed the week trading at $14.82.

So how is Riot Platforms preparing for Bitcoin halving? Last December, the company reported that it had purchased over 65,000 mining rigs from MicroBT in an effort to boost its mining capacity ahead of the halving event in April. This was the largest purchase made by Riot Platforms since its establishment.

Other Mining Firms Performance in 2023

Most of Riot Platforms’ competitors recorded exceptional performance last year. For example, Core Scientific mined 19,289 Bitcoins. CleanSpark, on the other hand, produced 7,302 BTC in 2023, representing a 61% surge compared to 2022.

Further, Marathon Digital managed to mine 12,872 Bitcoins last year. It is worth highlighting that in December 2023 alone, the company mined 1,848 BTC.

Meanwhile, Riot Platforms continues to champion miners’ rights. The company recently leveled a lawsuit against the US Department of Energy for demanding what it termed as “invasive data” from Bitcoin miners.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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