Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Riot Platforms Generated More Than $280 Million in Revenue Last Year, According to Recent Annual Report
Bitcoin mining firm Riot Platforms generated over $280 million in revenue last year, according to the company’s annual report for 2023 released on Thursday, February 22.
Riot Platforms’ Record Performance
“I am happy to share the results for Riot for 2023, which has been another significant year in Riot’s evolution as a prominent vertically integrated Bitcoin miner,” stated Riot’s CEO, Jason Les. “We achieved unprecedented results in 2023, reaching all-time highs of $281 million in total revenue, producing 6,626 Bitcoin, and earning $71 million in power credits through our distinctive power strategy.”
The latest figures from the company indicate a peak performance, with Bitcoin production increasing by 19% compared to the previous year.
Additionally, the Bitcoin mining operation “boosted its hash rate capacity by over 28%,” nearly tripling its capacity from 2022.
An Expanding Bitcoin Mining Operation
Related Posts
Riot Platforms’ 2023 annual report also highlighted the company’s advancements toward their 1 gigawatt Corsicana Facility, anticipated to be “the largest dedicated Bitcoin mining facility globally.”
“Simultaneously, Riot has further strengthened our already leading balance sheet, concluding 2023 with approximately $597 million in cash, 7,362 Bitcoin valued at around $311 million based on year-end Bitcoin prices, and minimal long-term debt,” Les added. “As a top vertically integrated Bitcoin miner, the development of our Corsicana Facility, combined with a secured supply of cutting-edge miners from MicroBT, and our robust balance sheet provides Riot with the most secure and clear path in our industry to realize our growth objectives.”
Riot Platforms and Texas Blockchain Council File Lawsuit Against EIA
The annual report from the Bitcoin mining operation coincides with Riot Platforms and the Texas Blockchain Council filing a lawsuit against the U.S. Department of Energy concerning the federal agency’s requirements for energy-related data collection.
“This case addresses a careless government process, artificial and self-imposed urgency, and intrusive government data collection,” the court filing from February 22 states. The lawsuit claims that the Energy Information Administration (EIA) has exceeded its authority in its efforts to monitor the electricity consumption of specific crypto miners following an emergency data collection approval from the Office of Management and Budget at the end of last month.
“This action is part of a larger strategy by Senator Warren and the Biden Administration as they adopt a ‘whole of government approach’ to challenge the digital asset sector,” said Lee Batcher, President of the Texas Blockchain Council, in a statement. “The TBC, along with industry allies, perceives this as a direct attack on private enterprises under the pretense of an emergency, lacking valid justification and exhibiting evident political bias.
Representatives from Riot, EIA, and TBC were not immediately available for comment at the time this article was published.
The post Riot Platforms Made Over $280 Million Last Year, New Annual Report Reveals appeared first on Cryptonews.
