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. reports developments tied to its Bitcoin mining operations, large-scale data center business, power portfolio, and engineering capabilities. The company operates Bitcoin mining facilities in central Texas and Kentucky and maintains engineering and fabrication capabilities in Denver and Houston, with revenue historically centered on Bitcoin mining and engineered electrical products.
Recurring Riot news includes quarterly and annual financial results, Bitcoin production and hash-rate updates, power and demand-response credits, data center lease activity, site ownership and development at Rockdale, and collaborations involving high-density computing infrastructure. Company updates also cover earnings calls, shareholder communications, governance matters, and the use of power assets to support Bitcoin mining and non-mining data center workloads.
On April 10, 2023, Riot Platforms (NASDAQ: RIOT) issued a statement in response to a New York Times article that misrepresented the company and the Bitcoin mining industry. Riot emphasized the benefits of Bitcoin as a store of value amid banking crises, highlighting job creation and tax revenues for rural communities. The company refuted claims of greenhouse gas emissions, clarifying that their operations rely on the cleanest energy sources in Texas. Riot is committed to providing grid stability and economic development, being the largest employer in Milam County. The company asserted that the NYT’s article was misleading, driven by political interests, and ignored factual information provided by Riot.
Riot Platforms, Inc. (NASDAQ: RIOT) reported significant operational performance for March 2023, marking a 36% increase in Bitcoin production year-over-year, with 695 BTC mined compared to 511 BTC in March 2022. The company held approximately 7,072 BTC at the month's end and sold 675 BTC, generating $16.7 million in net proceeds. Riot's hash rate capacity reached an all-time high of 10.5 EH/s with a total of 94,176 miners deployed. Looking ahead, Riot estimates a self-mining capacity of 12.5 EH/s in the second half of 2023. Continuous infrastructure development and new miner deployments are in progress.
Riot Platforms, Inc. (NASDAQ: RIOT) achieved significant operational milestones in February 2023, producing 675 BTC, a 55% increase from 436 BTC in February 2022. As of February 28, Riot held 7,058 BTC and sold 600 BTC for approximately $14.2 million. The company increased its miner fleet to 87,264 with a hash rate capacity of 9.8 EH/s, excluding offline miners due to winter storm damage. Riot plans to restore offline operations in Building G by the latter half of 2023, aiming for a total self-mining hash rate capacity of 12.5 EH/s. Additionally, Riot is expanding its workforce and has deployed an additional 4,608 miners.
Riot Platforms reported record financial results for 2022, achieving $259.2 million in total revenue, a 46% increase in Bitcoin production to 5,554 BTC, and a hash rate capacity of 9.7 EH/s. Despite market challenges, Riot maintained a strong financial position with $230 million in cash and no long-term debt. The company realized $27.3 million in power credits, lowering its Bitcoin production cost to $11,225 per BTC. However, it reported a significant net loss of $509.6 million, largely due to non-cash impairment charges. The company anticipates achieving 12.5 EH/s hash rate capacity in the second half of 2023.
Riot Platforms, Inc. (NASDAQ: RIOT), a leader in Bitcoin mining, reported a record production of 740 BTC in January 2023, up 62% from 458 BTC in January 2022. The company held 6,978 BTC at the end of January and generated approximately $13.7 million from the sale of 700 BTC. Despite an operational setback due to severe winter storms damaging its Rockdale facility, which caused a reduction in hash rate capacity to 9.3 EH/s, Riot continues to expand its infrastructure, including the progress on Building E, which is now 50% complete. However, a delay in reaching the target hash rate capacity of 12.5 EH/s is anticipated due to ongoing repairs.
Riot Platforms, Inc. (NASDAQ: RIOT) achieved significant milestones in December 2022, producing an all-time high of 659 Bitcoin, a 55% increase from 425 BTC in December 2021. The company earned $4.9 million in power credits equivalent to approximately 290 BTC due to operational curtailments. As of December 31, 2022, Riot held 6,952 BTC and sold 600 BTC for about $10.2 million. Riot's hash rate capacity reached 9.7 EH/s with plans to expand to 12.5 EH/s in Q1 2023, despite experiencing operational disruptions due to severe weather.
Riot Blockchain (NASDAQ: RIOT) reports a record production of 521 Bitcoin in November 2022, up 12% from 466 BTC in November 2021. The company holds 6,897 BTC as of November 30, 2022. Riot sold 450 BTC for approximately $8.1 million. The hash rate capacity reached 7.7 EH/s, with a goal to achieve 12.5 EH/s in Q1 2023. Despite the record figures, actual production fell short of the expected 660 BTC due to volatility in the mining pool. Riot plans to switch to a more consistent mining pool for better results.
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.