Riot Platform Triples Its Hashrate in 2023
Share this article
An editor at Coincrop
03 Mar 2023 | 2 min read
iot Platforms, Inc., a Bitcoin miner, can be proud of the impressive financial result it reported for the fiscal year ending in December. The company saw its profits surge to $259.2 million due to increased bitcoin production and hosting/engineering sales during that period - a figure almost threefold higher than their hash rate at the beginning of 2022.
The bitcoin miner generated an impressive 5,554 bitcoins in 2021 - a remarkable 46% increase from the previous year's output. On Thursday, the firm made this announcement in a press release.
“Riot’s industry-leading financial strength puts us in a strong position to continue executing on our aggressive growth plans, in 2023 and beyond,” According to Jason Les, the Chief Executive Officer of Riot Platforms, Les mentioned that Riot tripled the power of its hash rate.
The miner experienced a decrease in Bitcoin mining profits, which it attributed to the cryptocurrency's declining value. After peaking at over $65,000 in November 2021, Bitcoin dropped as low as $20,000 early this year; however, prices have since rebounded significantly and continue to rise.
ChrisAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.
Compare over 47,341 CeFi and DeFi products across more than 225 organizations here