Bitcoin mining company Riot Platforms reported a significant increase in its Bitcoin production for 2023, mining a total of 6,626 BTC. This boost in production can be attributed to the higher average price of Bitcoin throughout the year compared to the bear market of 2022. In a report published on February 22, Riot Platforms revealed that the cost of mining a single Bitcoin in 2023 was approximately $3,686 lower than in the previous year.
The report states, “Riot’s cost to mine Bitcoin for 2023, after accounting for power credits allocated to self-mining, averaged $7,539 per Bitcoin, compared to $11,225 in 2022, reflecting a 33% decrease year-over-year.” Additionally, the average value of Bitcoin in 2023 exceeded that of 2022, resulting in a revenue increase for Riot Platforms. The company generated $280.7 million in revenue for the year, compared to $259.2 million in the previous year.
The crypto market faced a severe bear market in 2022, leading to the collapse of several crypto firms, including major exchange FTX. However, Riot Platforms’ share price has experienced a surge of 47.47% over the past month. Despite this, it declined by approximately 10.65% over the course of last week’s five-day trading period. Currently, Riot’s share price stands at $14.85.
In December 2023, Riot made headlines when it acquired 66,560 mining rigs from manufacturer MicroBT. This marked one of the largest expansions of hash rate in the company’s history, as it prepared for the Bitcoin halving scheduled for April.
Other Bitcoin mining companies also reported varying production results for 2023. Core Scientific produced 19,274 Bitcoin, while CleanSpark witnessed a 60% surge compared to 2022, mining over 7,300 Bitcoin throughout the year. Marathon Digital mined 12,852 Bitcoin in 2023, with December alone seeing a 56% increase from November and a 290% increase compared to December 2022.
In more recent news, Riot, alongside the Texas Blockchain Council, filed a lawsuit against the United States Department of Energy, Energy Information Administration, and the Office of Management and Budget. The lawsuit was in response to the demand for invasive data from crypto miners.
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