Riot mined 6,626 Bitcoins and recorded $281 million in revenue in 2023.

Riot Platforms, Inc. (NASDAQ: RIOT), a vertically integrated Bitcoin mining company, announced its 2023 full-year financial results showing significant operating growth and financial performance. According to an announcement dated February 22, 2024, Riot generated total revenue of $280.7 million in 2022, up from $259.2 million the previous year. This increase is mainly due to the increase in Bitcoin production and the increase in the average price of Bitcoin. year after year.

operational growth

The company reported a 19% increase in Bitcoin production, with a total of 6,626 Bitcoins mined compared to 5,554 Bitcoins the previous year. Notably, Riot’s strategic power strategy contributed to obtaining $71.2 million in power credits through ERCOT grid support in Texas during multiple weather-related supply/demand issues in 2023.

strategic development

Riot also completed the expansion of its 700-megawatt Rockdale facility and continued development of its Corsicana facility, which is scheduled to begin delivering energy by the end of the first quarter of 2024. Once fully developed, it will be recognized as the world’s largest dedicated Bitcoin mining facility. . Additionally, Riot has partnered with MicroBT to secure fixed-price supply of the latest generation miners, enhancing the efficiency of Riot’s mining operations.

financial health

The company ended the year with a strong balance sheet, including about $597 million in cash and 7,362 bitcoins worth about $311 million at year-end prices, along with nominal long-term debt. Riot’s average cost of mining Bitcoin in 2023 (excluding power credits) will be $7,539 per Bitcoin, down 33% from the previous year.

Hash rate capacity

Riot has increased hash rate capacity by 28% to 12.4 EH/s as of December 31, 2023. The company has set a goal of reaching 28EH/s by the end of 2024 and 38EH/s by the end of the year. 2025.

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