Bitcoin company reports top results, investors very excited

Bitcoin mining company Riot Platforms recently reported very positive financial results. This is according to a financial report from the company, which is trying to compete with the largest Bitcoin miners in the crypto world.

Riot platforms see a surge in Bitcoin production

According to a financial report from Riot Platforms, the company saw a significant increase in Bitcoin production last year. The increase was even 19%, which corresponds to a total of 6,626 Bitcoin (BTC). The company hopes to continue this growth in 2024.

However, there is a good chance that the halving of miner rewards will make this more difficult. In April this year, the Bitcoin halving traditionally affects the profitability of mining activities.

Halvings occur approximately every four years and aim to slow the supply of Bitcoin, which should theoretically increase its value. However, this may lead to a temporary decline in miner profitability. However, Bitcoin mining company Riot Platforms appears to be successfully overcoming this challenge.

The report also states that mining costs have fallen significantly.

“Riot’s Bitcoin mining costs averaged $7,539 per Bitcoin in 2023, after deducting energy credits provided for self-mining, compared to $11,225 in 2022, a decrease of 33% year over year corresponds.”

Bitcoin miners are having a lucrative time

The company also benefited from the rise in the Bitcoin price. Riot Platforms’ revenue increased from $259.2 million to $280.7 million.

“The increase in Bitcoin mining revenue was driven by slightly higher values ​​of Bitcoins mined in 2023, with an average of $28,859 per Bitcoin compared to an average price of $28,245 per Bitcoin in 2022.”

Ultimately, these results lead to a positive share price. For example, it is up 47.47% over the past month. However, the company’s share price fell by 10.65% in the past week.

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Now the company is determined to continue in the new year. While several of Riot Platforms’ competitors have acquired more Bitcoin in 2023, Riot continues to move forward and prepare for the Bitcoin halving in 2024. With the recent acquisition of 66,560 mining rigs from MicroBT, Riot is firmly at the forefront of the mining revolution.

It does everything it can to stay one step ahead of the competition. Companies like Core Scientific (19,274 Bitcoins mined) and Marathon Digital (12,852 Bitcoins mined) are still way ahead of Riot Platforms.

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