Riot Platforms Reported Impressive Revenue Growth in 2022

Riot Platforms reported revenue of $259.2 million in 2022, compared to $213.2 million in 2021.
The company produced 6,974 Bitcoins in December 2022, a 46% increase from the previous year.
Riot Platforms reported a net loss of $509.6 million, significantly impacted by non-cash impairment charges.

Riot Platforms, a bitcoin mining company, released its 2022 annual revenue with hash rate capacity has tripled compared with last year.

According to the business’s own data, the company’s revenue grew by a lot from the previous year, when it was $259.2 million, to the same time period in 2021, when it was $259.2 million.

The production of Bitcoin (BTC) is one of the key factors that has led to the rapid growth of the company’s income. Based on a report compiled by the company, Riot mined about 6,974 bitcoins in the month of December last year. This year’s Bitcoin production represented a 46% increase over the 3,812 coins that were mined in 2021. Bitcoin mining revenue was $156.9 million, compared to $184.4 million in the same period in 2021.

The company has also reported a net loss of $509.6 million, which compares to a net loss of $15.4 million during the same time period in 2021. Non-cash impairment charges of $538.6 million, including $335.6 million in goodwill impairment related to the Whinstone and ESS Metron acquisitions in 2021, $147.4 million in impairment of held cryptocurrencies, and $55.5 million in impairment of miners, had a big effect on this loss.

Also, Riot, a company that makes platforms, had an unexpected setback when it took longer than usual to send its annual 10-K report to the U.S. Securities and Exchange Commission (SEC).

The delay happened because the company’s accounting firm had questions about how the company’s Bitcoin holdings were being valued. This delay has caused some concern among investors, who are anxious to see the full financial report for the year 2022.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.