Riot Platforms Ord Shs Stock Price, News & Analysis

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.

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.