Bitcoin Mining Firm Riot Rakes in Record $281M in Revenues in 2023, Producing 6,626 BTC
Bitcoin (BTC) mining firm Riot Platforms achieved impressive results in 2023, with total revenues reaching an all-time high of $281 million.
In a Thursday press release, the company’s CEO Jason Les expressed satisfaction with Riot’s performance last year, highlighting several significant achievements.
The company said it produced 6,626 Bitcoins during the year, a 19% increase compared to 5,554 during the same twelve-month period in 2022.
“I am pleased to announce results for Riot for 2023, which proved to be another milestone year in Riot’s ongoing development as a leading vertically integrated Bitcoin miner,” Les wrote.
He added that Riot has made substantial progress in key strategic areas.
These include completing the expansion of their Rockdale Facility, which now boasts a capacity of 700 megawatts.
The company also struck a significant partnership with MicroBT, securing a long-term, fixed-price supply of the latest-generation mining equipment.
Furthermore, Riot is actively developing its Corsicana Facility, a 1 gigawatt mining facility set to energize at the end of Q1 2024.
Once fully operational, Corsicana will become the world’s largest dedicated Bitcoin mining facility.
Breaking down the financial results for the fiscal year 2023, Riot said it generated a total revenue of $280.7 million.
The company detailed that Bitcoin Mining revenue accounted for $189.0 million, Data Center Hosting revenue amounted to $27.3 million, Engineering revenue stood at $64.3 million, and other revenue contributed $0.1 million.
Bitcoin Mining revenue exceeded the mining cost of revenue, totaling $92.4 million, representing 48.9% of mining revenue.
This marked an increase of $9.9 million compared to the same period in 2022.
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