Business News Report
February 23, 2024

Riot Platforms’ 2023 Revenue Soars to $281M Driven by Bitcoin Mining Growth

In Brief

Riot Platforms revenue reaches $281 million for the fiscal year 2023, driven by the expansion of its Bitcoin mining operations.

Riot Platforms' 2023 Revenue Soars to $281M Driven by Bitcoin Mining Growth

Riot Platforms, one of the prominent players in the Bitcoin mining industry, has announced its financial results for the full year ending December 31, 2023, showcasing good performance.

CEO Jason Les highlighted the figures attained during the year, including total revenues reaching an all-time high of $280.7 million, the production of 6,626 Bitcoin, and the earning of $71.2 million in power credits through their unique power strategy.

Additionally, Riot made good strides in its strategic development targets. These include the completion of a 700-megawatt expansion at the Rockdale Facility, successful scaling of their power strategy resulting in an industry-leading low cost to mine of $7,539 per Bitcoin, and a partnership with MicroBT securing a long-term, fixed-price supply of the latest-generation miners.

Riot is also in the process of developing the 1 gigawatt Corsicana Facility, slated to become the world’s largest dedicated Bitcoin mining facility upon its full development.

Financially, Riot closed the year with approximately $597 million in cash, 7,362 Bitcoin, and nominal long-term debt. Notably, the company’s net loss for the year amounted to $49.5 million, an improvement from the $509.6 million loss reported in 2022, primarily due to reduced non-cash impairment charges.

Riot Platforms Sets High Standards in Bitcoin Mining Efficiency

One of the key highlights of Riot’s performance in 2023 was the significant decrease in the cost to mine Bitcoin, which averaged $7,539 per Bitcoin, marking a 33% reduction compared to the previous year.

Moreover, the company increased its hash rate capacity by 28% to 12.4 exahash per second as of December 31, 2023, positioning itself for further growth and expansion in the coming years.

Looking ahead, Riot has ambitious growth targets, aiming to reach 28 exahash per second in total hash rate capacity by the end of 2024, 38 exahash per second by the end of 2025, and ultimately surpassing 100 exahash per second.

Riot’s performance in 2023 reflects its commitment to innovation, strategic expansion, and operational excellence in the Bitcoin mining sector, strengthening its position as a key player in the rapidly evolving cryptocurrency landscape.

Disclaimer

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About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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