While several of Riot Platform’s competitors mined more Bitcoin in 2023, Riot is preparing for 2024’s Bitcoin halving after acquiring 66,560 mining rigs from MicroBT.
Bitcoin mining firm Riot Platforms recorded a 19% increase in the number of Bitcoin it produced in 2023, mining 6,626 BTC. The firm also saw an uptick in annual revenue, mainly due to the higher average price of Bitcoin throughout 2023 compared to 2022’s bear market.
According to a Feb. 22 report published by Riot Platforms, the average cost for the firm to mine a single Bitcoin (BTC) in 2023 decreased by approximately $3,686 compared to 2022.
“Riot’s cost to mine Bitcoin for 2023, net of power credits allocated to self-mining, averaged $7,539 per Bitcoin versus $11,225 in 2022, a decrease of 33% year-over-year,” the report states.
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