Riot Platforms Mines 6,626 Bitcoin And Increased Its Output By 19% In 2023

Riot Platform

Riot Platform has acquired 66,560 mining machines from MicroBT to get ready for the 2024 Bitcoin halving, even if a few of its rivals mined more Bitcoin in 2023. At 6,626 BTC, the Bitcoin mining company Riot Platforms reported a 19% rise in production in 2023. The company’s yearly income increased as well, mostly as a result of Bitcoin’s higher average price in 2023 as opposed to the bad market of 2022.

The average cost for Riot Platform to mine a single Bitcoin BTC ticker down was $51,662 in 2023, down around $3,686 from 2022, according to Riot Platforms research released on February 22. “Riot’s mining costs for Bitcoin in 2023 decreased by 33% year over year to an average of $7,539 per Bitcoin, net of power credits allotted for self-mining, from $11,225 in 2022.”

Riot Platform Announces Purchase Of 66,560 Mining Rigs  

Furthermore, the average value of Bitcoin in 2023 exceeded that of 2022, which led to a rise in income for the year ($280.7 million) over $259.2 million in the prior year. “The rise in Bitcoin mining revenue was driven by slightly higher prices of Bitcoin produced in 2023, which averaged $28,859 per Bitcoin as opposed to an average price of $28,245 per Bitcoin in 2022.” In 2022, the cryptocurrency market went through one of its worst bear markets ever, leading to the demise of many crypto companies, including the large exchange FTX. In the meantime, Riot’s stock price increased by 47.47% in the last month. However, throughout the five-day trading session last week, it fell by almost 10.65%.

As of this writing, Riot Platform’s stock is trading at $14.85. Before the April Bitcoin halving, the company announced in December 2023 that it had purchased 66,560 mining rigs from manufacturer MicroBT, representing one of the biggest increases in hash rate in the company’s history. This information was revealed by the Cointelegraph.