Riot Platforms Ord Shs Stock Price, News & Analysis

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.

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.