Bitcoin mining firm Riot Platforms recorded a 19% increase in the number of Bitcoin it produced in 2023, mining 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 2022’s bear market.
According to a Feb. 22 report published by Riot Platforms, the average cost for the firm to mine a single Bitcoin (BTC) 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 states.
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.
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% last week over the five-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.
In 2023, other Bitcoin mining firms recorded a range of production results. Core Scientific produced 19,274 Bitcoin, while CleanSpark saw a 60% surge compared to 2022, mining over 7,300 Bitcoin during the year.
Meanwhile, Marathon Digital mined 12,852 Bitcoin in 2023. Additionally, it mined 1,853 Bitcoin in December alone, a 56% increase from November and a 290% increase over December 2022.
In more recent news, Riot, along with the Texas Blockchain Council filed a lawsuit against the United States Department of Energy, Energy Information Administration and the Office of Management and Budget for demanding invasive data from crypto miners.