Riot Platforms Announces Breakthrough Year with $280.7M Revenue and Major Bitcoin Yield

Riot Platforms, Inc., a leading entity in vertically integrated Bitcoin mining, has disclosed its full-year financial outcomes for 2023, showcasing a significant achievement with a record-breaking $280.7 million in total revenue. This marks a notable increase from the previous year, alongside a commendable production of 6,626 Bitcoin and an unprecedented hash rate capacity reaching 12.4 EH/s. Jason Les, CEO of Riot, reflected on 2023 as a pivotal year, highlighting the company’s strategic advancements and financial success. Among these achievements, Riot completed a 700 megawatt expansion at the Rockdale Facility, advanced its power strategy leading to a cost of $7,539 per Bitcoin, cemented a crucial partnership with MicroBT for mining equipment supply, and initiated the development of the 1 gigawatt Corsicana Facility, poised to be the world’s largest Bitcoin mining site, according to Riotplatforms.

Riot’s financial prosperity is further evidenced by its $71 million earnings in power credits, underscoring its innovative power strategy. This strategy not only supports the ERCOT grid during demand fluctuations but also aligns with Riot’s commitment to operational efficiency and environmental responsibility. The strategic developments, including the expansion and partnerships, have bolstered Riot’s operational capabilities, setting a robust foundation for future growth.

Looking forward, Riot’s ambitious growth targets aim to elevate its total hash rate capacity to 28 EH/s by the end of 2024, with further aspirations to reach 38 EH/s by the end of 2025 and eventually surpass 100 EH/s. This growth trajectory is supported by Riot’s strong financial standing, including $597 million in cash and 7,362 Bitcoin, positioning the company for sustained expansion and innovation in the Bitcoin mining sector.