The American mining company Riot Platforms achieves a record revenue in 2023: $281 million, producing 6,626 bitcoin, and sues the EIA after the agency’s request for emergency data collection.
In a press release on February 22nd, Riot Platforms announced the financial results for 2023. The company recorded revenues of $280.7 million and mined 6,626 bitcoin during the year. This result represents a 19% increase compared to 2022, during which the company had produced 5,554 bitcoin.
Jason Les, the company’s CEO, expressed satisfaction with the results:
“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.”
Developments in infrastructure
In 2023, Riot successfully expanded its facility in Rockdale, reaching a capacity of 700 megawatts. Additionally, the company established a strategic partnership with MicroBT for the procurement of state-of-the-art mining equipment at a fixed, long-term price.
Riot is also developing a 1-gigawatt mining center in the city of Corsicana, which is expected to be operational by the first quarter of 2024. The Corsicana facility is set to become the largest dedicated bitcoin mining center globally.
The 2023 report
The primary source of revenue for Riot was bitcoin mining, contributing $189 million. Data center hosting generated $27.3 million, while engineering activities contributed $64.3 million.
By the end of 2023, the company held approximately $597 million in cash and 7,362 bitcoin.
Riot’s long-term energy contract allows it to return unused energy to the grid and receive energy credits. In 2023, the company received $71.2 million in energy credits, up from $27.3 million the previous year.
The company currently has a computing power (hash rate) of 12.4 EH/s, with the goal of reaching 28 EH/s by 2024 and 38 EH/s by the end of 2025.
Lawsuit against the EIA
On February 21st, Riot and the Texas Blockchain Council filed a lawsuit against the United States Energy Information Administration, accusing the agency of unlawfully requesting mining sector data following the approval of an “emergency” request for information on electricity consumption.
Following the initiated lawsuit, the EIA has decided to temporarily suspend this data request.
