Mining

Bitcoin Miner Riot Blockchain Delays Earnings Report to Sort Out How Much Crypto Rout Devalued Its Assets


Bitcoin miner Riot Blockchain (RIOT) delayed its quarter earnings report as a result of it wants extra time to calculate how a lot the cryptocurrency rout, the struggle in Ukraine and different macroeconomic points have lower the worth of its belongings.

The corporate stated lower than per week in the past that it deliberate to launch the figures on Tuesday. The delay was disclosed in a submitting with the U.S. Securities and Alternate Fee. Its rivals Marathon Digital Holdings (MARA), Cipher Mining (CIFR) and CleanSpark (CLSK) reported their earnings this week as anticipated.

Riot grew to become one of many business’s greatest miners when it purchased a big facility in Rockdale, Texas, in Could 2021. Bitcoin miners have seen their margins slashed as the value of the world’s greatest cryptocurrency has dropped, whereas vitality costs, a significant a part of miners’ prices, have soared globally because of the struggle in Ukraine.

Final week, Riot stated it mined 28% fewer bitcoin in July than common. Riot curtailed its vitality consumption, incomes $9.5 million in energy credit, as warmth waves swept by means of Texas, growing the state’s demand for energy. Throughout the identical month, 12,146 of Riot’s mining rigs had been offline as they’re transferred from New York to Texas.

Riot’s inventory fell about 2% following the disclosure of the delay.


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