Bitcoin mining firm Riot Platforms recorded a 19% increase in the number of Bitcoins (BTC) produced in 2023, mining a total of 6,626 BTC. The firm also saw an uptick in annual revenue, mainly due to the higher average price of Bitcoin throughout 2023 compared to the previous year's bear market.
According to a February 22 report published by Riot Platforms, the average cost for the firm to mine a single Bitcoin in 2023 decreased by approximately $3,686 compared to 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 stated.
Additionally, the average value of Bitcoin in 2023 surpassed that of 2022, resulting in a revenue increase for the year, amounting to $280.7 million, compared to the previous year's $259.2 million.
“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."
In 2022, the crypto market experienced one of its most severe bear markets, with the collapse of several crypto firms, including major exchange FTX.
Meanwhile, over the past month, Riot's share price surged by 47.47%. However, last week, it declined approximately 10.65% over the 5-day trading period.
At the time of publication, Riot's share price is $14.85.
In December 2023, Cointelegraph reported that Riot acquired 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 this year.
In 2023, other Bitcoin mining firms recorded a range of production results. Core Scientific produced 19,274 Bitcoins, while CleanSpark saw a 60% surge compared to 2022, mining over 7,300 Bitcoins during the year.
Related: Bitcoin mining difficulty surpasses 80 trillion ahead of halving
Meanwhile, Marathon Digital reported 12,852 Bitcoins in 2023. Additionally, it mined 1,853 Bitcoin in December alone, a 56% increase from November and a 290% increase from December 2022.
In more recent news, Riot along with the Texas Blockchain Council filed a lawsuit against the U.S. Department of Energy, Energy Information Administration (EIA), and Office of Management and Budget (OMB) for demanding invasive data from crypto miners.
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