Riot Platforms, a vertically integrated Bitcoin mining company, has released its annual financial report for the year ended December 31, 2023. The company reported a significant increase in Bitcoin mining revenue, which rose to approximately $189.0 million, up from $156.9 million in the previous year. This increase was attributed to a 19.3% rise in the number of Bitcoin mined due to an expansion in miners deployed. Data Center Hosting revenue, however, saw a decrease to $27.3 million from $36.9 million in the previous year, while Engineering revenue slightly dropped to $64.3 million from $65.3 million. Riot Platforms' total revenue for the year was $280.7 million, compared to $259.2 million in 2022. The company also reported a net loss of $49.5 million, which included non-cash income items such as Bitcoin revenue and a...Show More

Riot Platforms, a vertically integrated Bitcoin mining company, has released its annual financial report for the year ended December 31, 2023. The company reported a significant increase in Bitcoin mining revenue, which rose to approximately $189.0 million, up from $156.9 million in the previous year. This increase was attributed to a 19.3% rise in the number of Bitcoin mined due to an expansion in miners deployed. Data Center Hosting revenue, however, saw a decrease to $27.3 million from $36.9 million in the previous year, while Engineering revenue slightly dropped to $64.3 million from $65.3 million. Riot Platforms' total revenue for the year was $280.7 million, compared to $259.2 million in 2022. The company also reported a net loss of $49.5 million, which included non-cash income items such as Bitcoin revenue and a gain in the fair value of Bitcoin, offset by depreciation and amortization expenses. Riot Platforms continued to expand its operations, completing the expansion of its Rockdale Facility and progressing on the development of the Corsicana Facility, which is expected to provide one gigawatt of capacity for Bitcoin mining and data center hosting services. The company's strategic focus remains on building long-term shareholder value and capitalizing on market positioning. Despite challenges in the Bitcoin ecosystem, Riot Platforms refrained from significant debt-financing activities, positioning itself to potentially benefit from industry consolidation. The company also successfully navigated banking industry disruptions without suffering losses. Looking ahead, Riot Platforms plans to continue its growth initiatives, focusing on deploying efficient Bitcoin mining operations and leveraging its ownership of mining and data center hosting facilities.