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Riot Blockchain Achieves Record Revenue in 2023
In 2023, Riot Platforms, a Bitcoin (BTC) mining firm, achieved all-time high revenues of $281 million. The company’s CEO, Jason Les, expressed satisfaction with Riot’s performance, highlighting significant achievements, including the production of 6,626 Bitcoins, a 19% increase from the previous year.
Strategic Achievements
- Riot completed the expansion of the Rockdale Facility to a capacity of 700 megawatts
- Secured a long-term, fixed-price supply of the latest-generation mining equipment through a partnership with MicroBT
- Actively developing the Corsicana Facility, a 1 gigawatt mining facility set to become the world’s largest dedicated Bitcoin mining facility
Financial Results
Riot generated a total revenue of $280.7 million in 2023. The breakdown of revenue is as follows:
- Bitcoin Mining revenue: $189.0 million
- Data Center Hosting revenue: $27.3 million
- Engineering revenue: $64.3 million
- Other revenue: $0.1 million
Bitcoin Mining revenue exceeded the mining cost of revenue, totaling $92.4 million, marking an increase of $9.9 million from the previous year. The rise in mining cost of revenue can be attributed to the expanded mining capacity at the Rockdale Facility.
Future Growth
Riot’s growth plans include reaching 28 EH/s by the end of 2024 and 38 EH/s by the end of 2025. The company aims to achieve this growth through the Corsicana facility, which will be the largest Bitcoin mining facility in the world.
Financial Position
By the end of 2023, Riot held approximately $597 million in cash and 7,362 Bitcoins valued at around $311 million. The company also received over $71 million in power credits through its long-term power agreements.
Riot reported selling, general, and administrative expenses of $100.3 million in 2023, with a net loss of $(49.5) million. The net loss included non-cash stock-based compensation and depreciation and amortization.
Legal Action
Riot has joined the Texas Blockchain Council to sue the US Energy Information Administration, accusing the agency of making unlawful data collection demands from the Bitcoin mining sector.
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.
