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 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.
Riot Blockchain (NASDAQ: RIOT) has announced the retirement of CFO Jeff McGonegal effective August 15, 2022, after 20 years. He will transition to a Senior Advisor role while Colin Yee, currently Head of Corporate & Financial Operations, will take over as CFO. Ryan Werner has been promoted to Senior Vice President and Chief Accounting Officer. The changes reflect Riot's succession planning and aim to maintain operational momentum and growth strategies. McGonegal will support the transition until February 2023 under a consulting agreement.
Riot Blockchain reported impressive Q1 2022 results, achieving a record $79.8 million in total revenue, a 244% increase year-over-year. The company produced 1,405 BTC, a 186% increase compared to Q1 2021. Mining revenue rose by 150% to $57.9 million, with a consistent mining revenue margin around 67% despite a 12% decline in BTC prices. Net income surged to $35.6 million, up from $7.5 million in the previous year. Riot's focus on operational enhancements and expanding its self-mining capacity positions it well for future growth.
Riot Blockchain Reports April 2022 Performance
Riot Blockchain, a leader in Bitcoin mining, produced 508 BTC in April 2022, marking a 150% increase from 203 BTC in April 2021. As of April 30, 2022, the company held 6,320 BTC and sold 250 BTC for net proceeds of $10 million. Riot's miner fleet includes 46,375 miners with a hash rate capacity of 4.7 EH/s, and the company plans to expand to 12.8 EH/s by January 2023. A significant infrastructure expansion is ongoing in Texas, further solidifying its market position.
Riot Blockchain (NASDAQ: RIOT) has announced a significant expansion of its Bitcoin mining and hosting capacity in Navarro County, Texas. The 1 GW project will initially develop 400 MW on a 265-acre site, with operations expected to start in July 2023. The total investment for this phase is projected at $333 million. Upon completion, Riot's total developed capacity will reach 1.7 GW, positioning it among the largest Bitcoin mining operations globally. This expansion is anticipated to create approximately 270 jobs and positively impact the local economy.
Riot Blockchain announced a record production of 511 Bitcoin in March 2022, an increase of approximately 176% from March 2021's 185 BTC. The company currently operates around 42,919 miners with a hash rate capacity of 4.3 EH/s. In addition, Riot held approximately 6,062 BTC and sold 200 BTC for approximately $9.4 million. The company is expanding its Whinstone Facility and has plans to reach a self-mining hash rate capacity of 12.8 EH/s by January 2023.
Riot Blockchain reported record financial results for 2021, achieving 3,812 BTC mined and $213.2 million in total revenue, a 1,665% increase from $12.1 million in 2020. The net loss decreased to $(7.9 million) from $(12.7 million) in 2020, mainly due to non-cash expenses. Adjusted Non-GAAP EBITDA soared to $82.4 million from a negative $(6.3 million). Hash rate capacity increased by 444% to 3.1 EH/s, and Bitcoin holdings grew 353% to 4,884 BTC. The company is investing in mining infrastructure and anticipates further growth in 2022.
Riot Blockchain, Inc. (NASDAQ: RIOT) produced 436 BTC in February 2022, marking a 189% increase from 179 BTC in February 2021. As of the end of February, the company held approximately 5,783 BTC and has a deployed fleet of 38,310 miners with a hash rate capacity of 3.9 EH/s. Riot has received additional shipments of miners and expects to deploy a total of 50,273 miners with a capacity of 5.0 EH/s. The company is also progressing on its 400 MW infrastructure expansion at the Whinstone Facility in Texas, despite weather disruptions.
Riot Blockchain reported producing 458 Bitcoin in January 2022, marking a 252% increase from January 2021. The company holds approximately 5,347 BTC from self-mining operations and has a deployed fleet of about 32,552 miners with a hash rate of 3.4 EH/s. Riot is actively curtailing operations due to adverse weather impacts on Texas's ERCOT grid. Infrastructure expansion is ongoing, with 400 MW planned, and Riot expects to reach a 12.8 EH/s hash rate capacity by Q4 2022. Key personnel changes were also announced.
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