Riot Platforms Increases BTC Production by 19% in 2023, Mines 6,626 Bitcoin
Bitcoin miner Riot Platform has seen a 19% increase in the number of Bitcoins mined in 2023, 6,626 BTC. The company has increased year-over-year revenue growth, primarily due to higher average Bitcoin prices in 2023 compared to the 2022 bear market.
According to a February 22 report published by Riot Platforms, the company's average cost to mine one Bitcoin (BTC) in 2023 has decreased by about 3,686 compared to 2022.
“Riot's cost to mine Bitcoin for 2023, net of energy credits allocated to self-mining, averaged $7,539 per Bitcoin and $11,225 in 2022, a 33% year-over-year decrease,” the report said.
Additionally, the average price of Bitcoin in 2023 exceeded that of 2022, resulting in an increase in revenue for the year of $280.7 million compared to last year's $259.2 million.
“The increase in Bitcoin mining revenue is due to the slightly higher value of Bitcoin mined in 2023, with an average price of $28,859 per Bitcoin in 2022.”
In the year In 2022, the crypto market experienced one of the most severe bear markets, the collapse of several crypto companies, including the major exchange FTX.
Meanwhile, Riot's stock price rose 47.47 percent in the past month. However, in the last week, it has declined approximately 10.65% in the last five days of trading.
At the time of publication, Riot's stock price is $14.85.
In the year In December 2023, Cointelegraph reported that Riot had acquired 66,560 miners from producer MicroBit, one of the largest hash rate expansions in the organization's history, ahead of Bitcoin's scheduled April halving.
In the year In 2023, other Bitcoin mining companies recorded different production results. Core Scientific produced 19,274 bitcoins and CleanSpark saw a 60 percent increase compared to 2022, mining over 7,300 bitcoins during the year.
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Meanwhile, Marathon Digital in 2011 12,852 bitcoins were mined in 2023. Additionally, in December alone, 1,853 bitcoins were mined, a 56% increase from November and a 290% increase in December 2022.
In recent news, Riot, along with the Texas Blockchain Council, filed a lawsuit against the United States Department of Energy, Energy Information Administration, and Office of Management and Budget for demanding invasive information from crypto miners.
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