Welcome to our dedicated page for Riot Platforms news (Ticker: RIOT), a resource for investors and traders seeking the latest updates and insights on Riot Platforms stock.
Riot Platforms, Inc. (NASDAQ: RIOT) is a leading vertically integrated Bitcoin mining company that focuses on building, supporting, and operating blockchain technologies. The company has established a robust foothold in the blockchain ecosystem through strategic investments and partnerships, primarily targeting the Bitcoin and Ethereum blockchains.
Riot's core business segments include Bitcoin Mining, Data Center Hosting, and Engineering. The Bitcoin Mining segment, which generates maximum revenue, involves the company mining Bitcoin and earning revenue from this activity. Riot's operations are strategically located, with Bitcoin mining facilities in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.
Riot Platforms has made significant strides in expanding its capabilities and infrastructure. Recently, the company announced the energization of its new Corsicana facility, which marks a significant milestone in its expansion efforts. This facility will enhance Riot's mining capacity and efficiency, positioning the company for further growth in the competitive Bitcoin mining industry.
The company is committed to transparency and regularly updates investors on its financial performance and operational developments. Riot has scheduled its first-quarter 2024 earnings conference call on May 1, 2024, where it will discuss recent results and future plans.
Riot Platforms' mission is to positively impact the sectors, networks, and communities it engages with. The company aims to achieve best-in-class execution through an innovative spirit and strong community partnerships. Riot's vision is to be the world's leading Bitcoin-driven infrastructure platform.
For more information, visit www.riotplatforms.com.
Riot Blockchain (NASDAQ: RIOT) reported a Q3 2022 total revenue of $46.3 million, down from $64.8 million in Q3 2021, primarily due to lower Bitcoin production from curtailment activities and a 49% decrease in Bitcoin market price. The company produced 1,042 Bitcoin, a reduction from 1,292 Bitcoin in the same period last year. Riot earned $13.1 million in power curtailment credits, significantly up from $2.5 million in Q3 2021. However, net loss increased to $(36.6) million compared to $(15.3) million a year earlier. Riot maintains a strong financial position with $369.8 million in working capital.
Riot Blockchain produced 509 Bitcoin in October 2022, marking a 10% increase from the previous year, with a total of approximately 6,825 BTC held by the company. Riot sold 450 BTC for about $8.7 million. The company's hash rate capacity reached an all-time high of 6.9 EH/s with plans to expand to 12.5 EH/s by Q1 2023. Riot received 7,385 new miners in October, boosting its operational capacity. Major infrastructure developments include the completion of its second immersion-cooled building and ongoing work on the Corsicana facility.
Riot Blockchain, a leader in Bitcoin mining, has commenced groundbreaking on its new Corsicana Facility in Navarro County, Texas. This 1 GW expansion will enhance Riot's total developed capacity to 1.7 GW. The initial phase will include 400 MW capacity, creating approximately 270 jobs and focusing on self-mining and data center hosting operations expected to start by Q4 2023. This project is noteworthy as it marks the first 1 GW load approved by ERCOT, reflecting Riot's strong partnership-driven approach and commitment to local communities.
Riot Blockchain produced 355 BTC in September 2022, marking a 13% decline from the previous year. As of September 30, 2022, the company holds 6,775 BTC and sold 300 BTC for approximately $6.1 million. Riot's miner fleet increased to 55,728, achieving a hash rate capacity of 5.6 EH/s. The company aims to reach 12.5 EH/s by Q1 2023, supported by the deployment of 115,450 miners. Significant progress was made on infrastructure expansion, contributing to efficiency and future growth prospects.
Riot Blockchain (NASDAQ: RIOT) reported Bitcoin production of 374 BTC in August 2022, down 15% from 441 BTC in August 2021. The company earned $3.0 million in power credits from curtailment activities, equivalent to about 136 BTC.
Riot sold 350 BTC generating $7.7 million. The miner fleet consists of 46,658 miners with a hash rate of 4.8 EH/s. The company expects to increase its hash rate to 12.5 EH/s by Q1 2023.
Riot Blockchain reported a significant increase in total revenue to $72.9 million for Q2 2022, up 112% from Q2 2021, driven by a 107% increase in BTC production to 1,395 BTC. Despite this growth, the company recorded a net loss of $366.3 million, impacted by non-cash impairment charges. Cash increased to $270.5 million, bolstered by a successful equity offering raising $267 million. The firm is progressing on expansions that will enhance its operational capacity, aiming for a total hash rate of 12.5 EH/s by Q1 2023.
Riot Blockchain (NASDAQ: RIOT) reported its Bitcoin production and operations for July 2022, generating 318 BTC, a 28% decrease from July 2021. The company earned an estimated $9.5 million in power credits, equal to roughly 439 BTC, by curtailing energy consumption. Riot currently holds 6,696 BTC and sold 275 BTC for about $5.6 million. The company relocated miners to reduce costs and anticipates a hash rate capacity of 12.5 EH/s in early 2023.
Riot Blockchain (NASDAQ: RIOT) announces a charitable initiative to donate $1.00 in Bitcoin to No Kid Hungry for every unique stockholder voting in the upcoming Annual General Meeting (AGM) on July 27, 2022. This move aims to address child hunger in the U.S., where 13 million children live in food-insecure homes. The AGM will also address key proposals including the election of a new board member and approval of compensation for executives. The proxy voting deadline is set for July 26, 2022.
Riot Blockchain produced 421 Bitcoin in June 2022, marking a 73% increase from June 2021's production of 243 BTC. The company sold 300 BTC for approximately $6.2 million. Riot held around 6,654 BTC as of June 30, 2022, with a deployed fleet of 42,455 miners and a hash rate capacity of 4.4 EH/s. The company is transitioning miners from Coinmint and expects to reduce production costs. Riot anticipates achieving a hash rate capacity of 12.5 EH/s by January 2023.
Riot Blockchain reported a significant increase in Bitcoin production, generating 466 BTC in May 2022, up 104% from 228 BTC in May 2021. As of May 31, 2022, the company holds approximately 6,536 BTC and sold 250 BTC for net proceeds of about $7.5 million. Riot expanded its mining fleet to approximately 43,458 miners with a hash rate capacity of 4.6 EH/s, anticipating an increase to 5.4 EH/s as new miners are deployed. The company is also enhancing its operations with immersion-cooling technology and expanding the Whinstone Facility.
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