Riot Platforms Reports High Revenues Despite Market Downturn

Bitcoin miner, Riot Platforms Inc., has announced an increased revenue for the fiscal year ending December 31, 2022. According to a filing with the US Securities and Exchange Commission (SEC), the company reported total revenue of $259.2 million, up from $213.2 million for the same time period in 2021.

Riot attributed its growth to its bitcoin mining business which operated 88,556 miners as of December 2022. The firm mined 5,554 Bitcoin which represented a rise of 45.7%, as compared to 3,812 Bitcoin mined in 2021. Based on its current operations, Riot said it anticipates having roughly 111,216 miners by the end of 2023.

While highlighting the achievements of his firm, Riot’s CEO, Jason Les said the firm increased its hash rate capacity from 9.7 exahash per second (“EH/s”) compared to 3.1 EH/s as of December 31, 2021.

Riot Platforms Records Outstanding Outputs Despite Challenges

Contrasting with the year’s optimistic start are the disappointing output levels and decreased income at the end of 2022. Riot Blockchain reported a net loss of $36.6 million in the last quarter of 2022. The company’s sales of $46.3 million were down 28% from the $54.2 million forecasted.

Lower Bitcoin output from major restriction operations, as well as a drop in the market price of the token, were cited as the causes of the low income.

Additionally, CEO Jason Les stated that the Rockdale Facility was impacted by the recent Texas winter storms, which reduced its hash rate capability.

It is worth noting that Riot also had a setback in July when it turned off its mining machines at the request of the Electric Reliability Council of Texas (ERCOT). At the time, an energy crisis that gripped Texas forced miners to stop working in order to restore electricity to the system.

Despite the above challenges, Riot produced 740 BTC worth of Bitcoin in January. Consequently, the Bitcoin miner said it took advantage of the rise in the price of Bitcoin to sell 700 BTC for almost $13.7 million.