In a recent report, Riot Platforms, a prominent Bitcoin mining company, revealed a significant 19% increase in Bitcoin production for the year 2023, totaling 6,626 BTC mined.
CEO Jason Les celebrated the company’s remarkable performance, citing it as a pivotal achievement in Riot Platforms’ journey as a vertically integrated Bitcoin miner. The report highlighted total revenues of $281 million, with 6,626 Bitcoin mined and earnings of $71 million in power credits through their innovative power strategy.
One key highlight from the report was the notable decrease in the average cost of mining one Bitcoin in 2023, which stood at $7,539 after factoring in power credits allocated to self-mining. This marked a substantial 33% decrease from the previous year’s average of $11,225.
The decrease in mining costs contributed to a surge in revenue, with Riot Platforms recording total revenue of $280.7 million for 2023, compared to $259.2 million in the previous year. This increase was primarily attributed to the higher average price of Bitcoin throughout 2023, contrasting with the bear market of 2022.
Riot Platforms also outlined strategic advancements made in 2023, including the completion of the 700-megawatt Rockdale Facility expansion, successful scaling of their power strategy, and a strategic partnership with MicroBT to secure a long-term, fixed-price supply of latest-generation miners. Additionally, the ongoing development of the 1-gigawatt Corsicana Facility is set to become the world’s largest dedicated Bitcoin mining facility upon completion.
The company closed out 2023 with a robust balance sheet, boasting approximately $597 million in cash, 7,362 Bitcoin valued at around $311 million, and minimal long-term debt. Looking ahead, Riot Platforms aims to achieve a total hash rate capacity of 28 EH/s by the end of 2024, 38 EH/s by the end of 2025, and ultimately exceed 100 EH/s.
However, amid its strategic expansion, Riot Platforms, along with the Texas Blockchain Council (TBC), has taken legal action against the U.S. Department of Energy (DOE), the Energy Information Administration (EIA), and the U.S. Office of Management and Budget (OMB). The lawsuit challenges what the plaintiffs perceive as excessive regulatory scrutiny towards the cryptocurrency sector, particularly concerning energy consumption, highlighting concerns over the EIA’s emergency data collection from various TBC members.
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