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Riot Platforms’ Record-Breaking Year in Bitcoin Mining
Bitcoin mining operation Riot Platforms reported a staggering revenue of over $280 million in the year 2023, as revealed in the company’s annual report released on February 22. The CEO, Jason Les, expressed his satisfaction with the company’s performance and highlighted the significant achievements made during the year, including the production of 6,626 Bitcoins and earning $71 million in power credits.
Record Results and Expansion
Riot Platforms witnessed record-breaking total revenues and Bitcoin production in 2023, marking a high point in the company’s history. The company also expanded its hash rate capacity by over 28%, a significant increase compared to the previous year.
Expansion Plans and Financial Strength
The annual report also outlined Riot Platforms’ progress towards the development of the 1 gigawatt Corsicana Facility, which is projected to become the world’s largest dedicated Bitcoin mining facility. Additionally, the company ended 2023 with approximately $597 million in cash, 7,362 Bitcoins, and nominal long-term debt, indicating a strong balance sheet and financial stability.
Legal Action Against EIA
In response to the U.S. Department of Energy’s demands for energy-related data collection from crypto miners, Riot Platforms and the Texas Blockchain Council filed a lawsuit against the Energy Information Administration (EIA). The lawsuit challenges the EIA’s authority and motives behind the data collection, citing concerns about government overreach and political bias.
Representatives for Riot, EIA, and TBC were not immediately available for comment at the time of the article’s publication.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
