Bitcoin mining operation Riot Platforms made over $280 million last year alone, the company’s 2023 annual report released Thursday, February 22, reveals.
Riot Platforms’ Record Performance
“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,” said CEO of Riot, Jason Les. “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.”
The company’s latest data marks a high water mark for the company, with Bitcoin production up a total of 19% year over year.
Moreover, the Bitcoin mining operation “increased its hash rate capacity by over 28%,” nearly triple what it was in 2022.
An Expanding Bitcoin Mining Operation
Riot Platforms’ 2023 annual report also detailed the company’s progress toward their 1 gigawatt Corsicana Facility, which is expected to be “the largest dedicated Bitcoin mining facility in the world.”
“At the same time, Riot has also further enhanced our already industry-leading balance sheet strength, ending 2023 with approximately $597 million in cash, 7,362 Bitcoin, worth approximately $311 million based on year-end Bitcoin prices, and nominal long-term debt,” Les continued. “As a leading vertically integrated Bitcoin miner, coupling development of our Corsicana Facility with a secured supply of leading-edge miners from MicroBT, and our strong balance sheet gives Riot the most secure, visible path in our industry to achieving our growth plans.”
Riot Platforms and Texas Blockchain Council File Lawsuit Against EIA
The Bitcoin mining operation’s annual report comes as Riot Platforms and the Texas Blockchain Council filed a lawsuit against the U.S. Department of Energy regarding the federal agency’s demands for energy-related data collection.
“This is a case about sloppy government process, contrived and self-inflicted urgency, and invasive government data collection,” the February 22 court filing begins. The lawsuit alleges that the Energy Information Administration (EIA) has overreached in its desire to monitor the electrical usage of certain crypto miners following an emergency data collection approval from the Office of Management and Budget at the end of last month.
“This move is part of a broader strategy by Senator Warren and the Biden Administration as they take a “whole of government approach” to attack the digital asset industry,” Lee Batcher, President of the Texas Blockchain Council, said in a statement. “The TBC, alongside industry partners, views this as a direct assault on private businesses under the guise of an emergency, lacking legitimate grounds and demonstrating clear political bias.
Representatives for Riot, EIA, and TBC were not immediately available for comment at the time of the article’s publication.