Riot Platforms mines 6,626 Bitcoin and increased its output by 19% in 2023.
Riot Platform has acquired 66,560 mining rigs from MicroBT in order to get ready for the 2024 Bitcoin halving, even if a few of its rivals mined more Bitcoin in 2023.
At 6,626 BTC, the Bitcoin mining company Riot Platforms reported a 19% rise in production in 2023. The company's yearly revenue increased as well, primarily as a result of Bitcoin's higher average price in 2023 as opposed to the bad market of 2022.Riot Platforms reported on February 22 that the average cost for the company to generate one Bitcoin in 2023 was about $3,686 less than in 2022.
“Riot’s cost to mine Bitcoin for 2023, net of power credits allocated to self-mining, averaged $7,539 per Bitcoin versus $11,225 in 2022, a decrease of 33% year-over-year,” the report states.
Furthermore, the average value of Bitcoin in 2023 exceeded that of 2022, which led to a rise in income for the year ($280.7 million) over $259.2 million in the prior year. In 2022, the cryptocurrency market went through one of its worst bear markets ever, leading to the demise of multiple crypto companies, including the large exchange FTX. In the meantime, Riot's stock price increased by 47.47% in the last month. However, during the course of the five-day trading period last week, it fell by almost 10.65%.
As of this writing, Riot's stock is trading at $14.85.
