Record Riot Platforms Total Revenue: Company Generated Significant Revenue of $281 Million in 2023

Crypto News – According to its annual report for the year ending December 31, which was filed today, Riot Platforms, a company that hosts data centers and mines bitcoin, achieved record total revenue in 2023.

Record Riot Platforms Total Revenue: Company Generated Significant Revenue of $281 Million in 2023

Riot made $280.7 million in 2023 compared to $259.2 million in 2022, an 8% increase in revenue. The company reported that increased Bitcoin output and pricing led to $189 million (67%) of total revenue coming from Bitcoin mining, up 20% from 2022. In spite of reducing its power consumption by more than 95% during periods of high energy demand, Riot, the company that operates the biggest Bitcoin mining operation in North America, in Rockdale, Texas, increased its production of Bitcoin by 19% year over year, from 5,554 BTC in 2022 to 6,626 BTC in 2023.

Riot Had a Net Loss of 49.5 million dollars Last Year

In addition, Riot brought in $64.3 million from engineering, $27.3 million from data center hosting, and $0.1 million for additional services. Riot incurred a net loss of $49.5 million in 2023 as a result of increased expenses, which included a rise in mining capacity, personnel, and electricity costs. The income was insufficient to cover these increases. However, net losses dropped dramatically from $509.6 million in 2022.

We achieved record results in 2023, generating all-time highs of $281 million in total revenues, 6,626 Bitcoin produced and $71 million in power credits earned from our unique power strategy,

Jason Les, Riot CEO