Riot Increases Bitcoin Production by 46%, Generates $259.2 Million in 2022

Riot Increases Bitcoin Production by 46%, Generates $259.2 Million in 2022

Time Stamp: March 3, 2023 6:41 AM
Source Node: 1994465

SNEAK PEEK:

  • Riot Platforms disclosed its full-year financial results for 2022.
  • The company generated a high number of BTC in 2022, which climbed by 46% to 5,554 Bitcoins.
  • Despite the increase in revenue, Riot Platforms recorded a net loss of $509.6 million due to non-cash impairment charges.

Riot Platforms, a dominant force in the Bitcoin (BTC) mining and data center hosting industries, has now disclosed its full-year financial results for the year 2022.

According to a report published on the company’s website, Riot platforms achieved a total revenue of $259.2 million, a rise from the revenue recorded in the year 2021, which was roughly $213.2 million. The reason behind the current increase in the Riot platforms revenue is due to an increase in Bitcoin mining.

Last year, the firm generated a high number of BTC, which climbed by 46% to 5,554 Bitcoin, a rise in output from 2021, when the company produced 3,812 Bitcoin. Because of the significant development in Bitcoin mining, the firm generated $156.9 million in revenue last year, which is entirely linked with Bitcoin production.

The harsh rate also rose, from 3.1 exahashes per second (“EH/s”) to 9.7 EH/s as of December 31, 2022, a 213% increase. Yet the average amount of electricity devoted to Bitcoin mining was lower in 2022 at $11,225 per bitcoin than it had been the year before at $11,939 per bitcoin, a decrease of 6%.

The hash rate of a crypto network shows the network’s combined computational power used in mining operations. Hash rate also measures the computing power of an individual miner in a network.

Furthermore, Riot platforms recorded a net loss of $509.6 million, compared to a net loss of $15.4 million in the same period in 2021, which was significantly impacted by non-cash impairment charges totaling $538.6 million, including $335.6 million in goodwill impairment associated with the Whinstone and ESS Metron acquisitions in 2021, $147.4 million in impairment of cryptocurrencies held, and $55.5 million in impairment of miners.

Crypto enthusiasts have taken their opinions into the Twitter space. One of the crypto enthusiasts recently took to his distaste for the loss the company incurred, stating that it was “awfully impressive” that Riot had decided to file an extension with the SEC, citing wrong figures recorded after losing half a billion in 2022.

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