2 years ago
One of the largest publically traded bitcoin miners, Riot Blockchain (RIOT) sees this twelvemonth arsenic the “year of consolidation successful the Bitcoin mining industry" and expects the institution to perchance payment from specified a trend.
The miner said its "continuously evaluating strategical opportunities" which it whitethorn determine to undertake arsenic portion of its strategical maturation initiatives, institution said successful a Securities and Exchange Commission (SEC) filing connected Tuesday.
The miner reported 2021 gross of $213.2 million, which is up 1,665% from 2020 and bushed mean expert estimates of $211.06 million, according to FactSet data.
A emergence successful the company's hashrate and bitcoin terms helped the company's gross successful 2021, the miner said.
The institution reported a nett nonaccomplishment of $7.9 cardinal successful 2021, versus a nett nonaccomplishment of $12.7 cardinal successful 2020. The nett nonaccomplishment for the fiscal twelvemonth 2021 was importantly impacted by non-cash stock-based compensation disbursal of $68.5 cardinal and a non-cash, unrealized nonaccomplishment of $36.5 cardinal connected impairment of cryptocurrencies, according to a statement.
Furthermore, the miner re-iterated its expectations of reaching a 2022 hashrate of 12.8 exahash per 2nd (EH/s). By comparison, its adjacent Marathon Digital said it expects to reach a hashrate of 23.3 EH/s by aboriginal 2023.
Riot shares roseate somewhat successful post-market trading, portion bitcoin hovered supra $40,000, according to TradingView data.
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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