Bitcoin mining giant Riot Platforms ramped up production in 2023, mining 19% more BTC than the previous year. This surge, combined with higher Bitcoin prices, led to a revenue increase of $21 million.
Riot produced 6,626 Bitcoins in 2023, compared to 5,554 in 2022. This impressive growth comes despite a challenging market with several high-profile crypto firms collapsing.
The good news doesn’t stop there. Mining costs also fell significantly. Riot’s average cost to mine a single Bitcoin decreased by 33% compared to 2022, thanks to strategic power management and efficient operations.
Riot’s revenue jumped from $259.2 million in 2022 to $280.7 million in 2023, reflecting both increased production and higher Bitcoin prices. This fueled a 47.47% surge in Riot’s share price over the past month, although it experienced a recent dip in the past week.
Riot is preparing for the upcoming Bitcoin halving, an event that reduces the amount of Bitcoin mined every block. To stay ahead, the company acquired 66,560 mining rigs, marking one of its largest expansions in history.
Looking at other miners, Core Scientific produced 19,274 Bitcoins in 2023, while CleanSpark saw a 60% increase, mining over 7,300 Bitcoins. Marathon Digital also had a strong year, mining 12,852 Bitcoins and showing significant monthly growth.
In recent news, Riot joined forces with the Texas Blockchain Council to sue the U.S. government agencies for demanding “invasive” data from crypto miners. They argue that this data request is unnecessary and violates privacy rights.
Read Also: ETH Eyes $3K Breakthrough After Hitting Resistance, Market Sentiment Remains Positive
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
- Advertisement -
Comments are closed.