The management of one of the largest public mining companies, Riot Blockchain, believes that 2022 will be a year of “consolidation” for the mining industry, and this will be a boon for the company.
In a report to the US Securities and Exchange Commission (SEC), Riot Blockchain said it is “continuously evaluating strategic opportunities” to grow the firm. In 2021, the company’s revenue amounted to $213.2 million, which is 1,665% more than in 2020. The growth in revenue was facilitated by the growth of the hash rate and the rate of the first cryptocurrency.
Despite a significant increase in revenue, Riot Blockchain posted a net loss of $7.9 million for 2021. This was driven by unrealized losses in equities and $36.5 million in held cryptocurrencies, respectively. The number of bitcoins in the company’s wallets has grown by 353% – Riot Blockchain now holds 5,783 self-mined BTC.
Also in its report, the company confirmed its plans to increase the total hardware hash rate to 12.8 Eh/s by the end of 2022. Note that rival firm Marathon Digital expects to achieve a hashrate of 23.3 Eh/s by early 2023.
In early March, Riot Blockchain almost completely shut down a mining farm in Texas – there was a threat of a snow storm in the region and, in order to reduce the load on the state’s energy system, the company stopped the production of cryptocurrencies.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
