Bitcoin Miner Riot Platforms Generated Record Total Revenue of $281 Million in 2023

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Mining and data center hosting company Riot Platforms generated record total revenue in 2023, according to its annual report for the fiscal year ending Dec. 31. deposit Today.

Riot’s total revenue increased by 8%, from $259.2 million in 2022 to $280.7 million in 2023. Bitcoin mining revenue accounted for $189 million (67%) of revenue total – up 20% compared to 2022 – thanks to the increase in Bitcoin production and the rise in the price of Bitcoin. , the company said.

Riot, which operates North America’s largest Bitcoin mining facility in Rockdale, Texas, increased its Bitcoin production by 19% year-over-year, from 5,554 BTC in 2022 to 6,626 BTC in 2023, despite reducing its energy consumption by more than 95% during peak periods. of energy demand.

Riot also generated $64.3 million in engineering revenue, $27.3 million in data center hosting revenue, and $0.1 million from other services. Revenue was not enough to offset higher expenses in 2023, including an increase in Riot’s mining capacity, headcount and electricity costs, resulting in a net loss of $49.5 million . However, net losses were significantly reduced from $509.6 million in 2022.

The riot was offset by $71.2 million in electricity credits from ERCOT grid support in the state during several weather-related surges in demand last year, equivalent to about 2 497 BTC at average prices. That included receiving a record monthly $31.7 million in electricity and demand response credits in August, The Block previously reported.

“We achieved record results in 2023, generating record total revenue of $281 million, 6,626 Bitcoins produced and $71 million in energy credits earned through our unique energy strategy,” said Riot CEO , Jason Les, in a press release. statement.

“At the same time, Riot also added to the strength of our already industry-leading balance sheet, ending 2023 with approximately $597 million in cash, 7,362 Bitcoin, worth approximately $311 million on the basis of year-end Bitcoin prices, and nominal long-term debt. “added Les.

Riot’s Hash Rate Capacity Increased by 28% Amid New Bitcoin Mining Expansion Plans

Riot increased its hash rate capacity by 28% in 2023, reaching a record 12.4 EH/s as of December 31. It also plans to bring additional capacity online at its new facility in Corsicana, Texas throughout 2024. Hash rate is a measure of the total computing power used to mine and process transactions on the Bitcoin network.

“Our goals are to reach 28 EH/s in total hash rate capacity by the end of 2024, 38 EH/s by the end of 2025, and ultimately 100 EH/s and beyond,” said THE.

Bitcoin mining difficulty, which measures the difficulty of finding a new block, reached an all-time high of 81.73 trillion on February 16. This figure could reach 100 trillion before the next Bitcoin halving, scheduled for April 20.

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