Home » Riot Blockchain’s Remarkable Performance Against All Odds

Riot Blockchain’s Remarkable Performance Against All Odds

by Hans Lipper

Riot Blockchain, a Colorado-based bitcoin miner, reported a total revenue of nearly $260 million for 2022, a 22% increase compared to 2021. Despite the devastating bear market that reigned during the bigger part of the year, and Riot’s shrunk production levels in the summer due to a heat wave, the company still managed to produce 46% more bitcoin in 2022 than in 2021. This was due to the company’s expansion at the Rockdale Facility and their successful power strategy that allowed them to cut production costs. CEO Jason Les described Riot’s performance in 2022 as “remarkable”, and the company finished the year with approximately $230 million in cash and no long-term debt. However, the prolonged crypto winter has negatively affected RIOT’s stocks which are currently worth around $6.20, a 61% decrease year-over-year. Additionally, Riot reported a net loss of nearly $510 million in 2022 (compared to just $15.4 million in 2021). Diluted net loss per share spiked from $0.17 in 2021 to $3.65 last year.

Despite the bear market and the heat wave, Riot Blockchain was able to achieve remarkable success in 2022. The company managed to increase their total revenue by 22%, mined 5,554 BTC, and boosted their hash rate capacity to an all-time high of 9.7 EH/s. They also realized significant benefits from their power strategy that allowed them to cut production costs. The company finished the year with approximately $230 million in cash and no long-term debt, and held 6,974 BTC as of the end of the year. However, the prolonged crypto winter has negatively affected RIOT’s stocks which are currently worth around $6.20, a 61% decrease year-over-year. Additionally, Riot reported a net loss of nearly $510 million in 2022 (compared to just $15.4 million in 2021). Diluted net loss per share spiked from $0.17 in 2021 to $3.65 last year. Despite these losses, Riot Blockchain was still able to achieve great success in 2022, and they have plans to continue their expansion in 2023.

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