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- 1 The digital infrastructure and Bitcoin mining company, Riot Platforms, achieved record-breaking results for the fiscal year 2023.
- 2 A technical analysis and price forecast were conducted for RIOT stock, which is showing a bullish trend and has the potential for future growth.
Bitcoin Mining Company Riot Platforms showcased remarkable results in 2023 by gaining an all-time-high $281 Million. The company mined 6,626 BTC during the whole year showcasing a 19% increment over last year. In 2022, the company mined 5,554 BTC.
This year, Riot recorded various achievements including having finished expanding its Rockdale Facility, which can now produce 700 megawatts of power. Moreover, The company also formed a major deal with MicroBT, getting a long-term, fixed-rate contract for the most advanced mining equipment.
Additionally, the company is also working on its Corsicana Facility, a 1 gigawatt mining facility that will start running by the end of Q1 2024. Corsicana will be the biggest Bitcoin mining facility in the world when it is fully functional.
In the financial result of the fiscal year 2023, the company generated a revenue of $280.7 Million. BTC mining revenue is $189.0 million, data centre revenue is $27.3 Million, Engineering revenue is $64.3 million and the rest is $0.1 Million.
Riot Stock Performance on the technical charts
RIOT Stock is heading in an upward direction after the earnings release. Moreover, the result is above the analyst’s expectations. In the previous session, the price opened at $15.09 and closed at 15.83 with an intraday high of $15.89. The total charge is 4.17% with a total volume of 16.954 Million.
At the time of writing the RIOT stock price is trading at the level of $15.73 with the 4.17% intraday surge. The intraday trading volume is 16.95 Million and the market cap of 3.25 Million.
RIOT stock price needs to attract more buyers to reach the upper threshold. Nevertheless, volume change can be seen above average suggesting bullishness in the upcoming trading sessions.
Technical indicators suggest the upside trend of RIOT stock price. Relative strength index and moving average convergence divergence both confirm the upward momentum of stock price.
RSI was at 60 and is flat just above neutrality. The MACD line is above the signal line after a positive crossover.
RIOT’s share price needs to break out of the $20.00 neckline to continue recovering. However, analysts have predicted that buyers may approach to upper levels and the stock may experience a bullish rally in the upcoming sessions.
Conclusion
Riot Platforms is a leading Bitcoin mining and digital infrastructure company that has delivered impressive results in 2023, generating $281 Million in total revenue and mining 6,626 bitcoins. The company has also made significant progress in expanding its mining capacity, efficiency, and power strategy, and is set to launch its Corsicana Facility in 2024. The RIOT stock is showing positive price movements and technical indicators and could attract more buyers and investors in the coming sessions.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
