Bitcoin mining firm Riot Platforms has reported a 19% increase in its Bitcoin production for 2023, mining a total of 6,626 BTC.
The surge in production contributed to a rise in annual revenue, primarily attributed to the higher average price of Bitcoin throughout 2023 compared to the bear market witnessed in 2022.
According to a report published by Riot Platforms on February 22, the average cost for the firm to mine a single Bitcoin in 2023 decreased by approximately $3,686 compared to the previous year.
“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 highlights.
Moreover, the average value of Bitcoin in 2023 exceeded that of 2022, leading to a revenue increase for the year, totalling $280.7 million, compared to $259.2 million in the previous year.
“The increase in Bitcoin Mining revenue was driven by slightly higher values of Bitcoin mined in 2023, which averaged $28,859 per Bitcoin as compared to an average price of $28,245 per Bitcoin in 2022.”
The crypto market faced a severe downturn in 2022, marked by the collapse of several crypto firms, including major exchange FTX.
Riot’s share price witnessed a significant surge of 47.47% over the past month.
READ MORE: Bitcoin Struggles Amidst Institutional Investment Slowdown
However, it experienced a decline of approximately 10.65% over the five-day trading period last week, with its current share price standing at $14.85.
In December 2023, Cointelegraph reported Riot’s acquisition of 66,560 mining rigs from manufacturer MicroBT, marking one of the largest expansions of hash rate in the firm’s history ahead of the Bitcoin halving scheduled for April.
Other Bitcoin mining firms also reported varying production results in 2023. Core Scientific produced 19,274 Bitcoin, while CleanSpark experienced a 60% surge compared to 2022, mining over 7,300 Bitcoin during the year.
Marathon Digital mined 12,852 Bitcoin in 2023, with a notable increase of 1,853 Bitcoin in December alone, representing a 56% surge from November and a remarkable 290% increase over December 2022.
In more recent developments, 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 for demanding invasive data from crypto miners.
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