For 2021, the company’s revenue amounted to $213,2 million, which is 1 665% more than the year before

​Riot Blockchain called 2022 the year of consolidation in the mining industry

17.03.2022 - 13:40

236

1 min

What’s new? The mining company Riot Blockchain believes that 2022 will be the year of consolidation in the mining industry. The company’s representatives voiced this opinion in a report to the US Securities and Exchange Commission (SEC). Riot Blockchain reported that it is “continuously evaluating strategic opportunities” that can be used for the development of the company. Its revenue in 2021 was $213,2 million, up 1665% from 2020. Riot Blockchain increased revenue through the growth in the company’s hashrate and the value of BTC.

Link to Riot Blockchain’s annual report

What information is in the report to the SEC? The company reported a net loss of $7,9 million in 2021. This was effected by an unrealized loss of $36,5 million for the cryptocurrency depreciation. The company also increased the number of bitcoins on its balance sheet by 353% in 2021. As of the end of February, Riot Blockchain had 5783 mined BTC in its wallets. In addition, the company has confirmed its plans to ramp up its total equipment hashrate to 12,8 EH/s by the end of 2022.

What is known about the company? Riot Blockchain Inc. is an organization that is engaged in the mining of cryptocurrencies. The company owns data centers in Texas and New York State. As of early 2022, Riot’s equipment has a hashrate of 3,0 EH/s, with a 91 MW of power consumption.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy