Riot stock falls by more than 60% over past year, company makes changes
Rising bitcoin output and a full year of data center hosting and engineering revenues pushed Riot’s overall revenue in 2022 up to $259.2 million from $213.2 million the previous year.
Formerly known as Riot Blockchain, bitcoin infrastructure specialist Riot Platform is a publicly listed bitcoin mining and blockchain technology firm. After losing more than 60% of its value over the past year, Riot Platform rebranded as Riot Platforms and removed “Blockchain” from the business name.
By bolstering the ERCOT infrastructure in Texas, the firm collected $27.3 million in power credits.
Riot Reports Full Year 2022 Financial Results, Current Operational and Financial Highlights.
“I am pleased to announce 2022 results for Riot, highlighted by significant growth in hash rate, successful expansion at our Rockdale Facility, continued progress https://t.co/5IMf5tD0jc…
— Riot Platforms, Inc. (@RiotPlatforms) March 2, 2023
With a hash rate of 4.6 EH/s and an estimated 136 MW of energy use, Riot Platform runs one of North America’s largest bitcoin mining operations. Riot can buy energy from ERCOT at zero cost since the power credits they earn equal around 80% of their electricity needs.
Riot Platform operates North America’s largest bitcoin mining and hosting facility out of its 750-megawatt facility in Rockdale, Texas.
Riot’s 2023 roadmap
The bitcoin miner plans to survive in the crypto market by expanding into related industries. By building up an infrastructure fit for an industrial scale and recruiting miners of the current generation, Riot Platform is increasing the size and quality of its mining operations.
With the planned supply and deployment of more miners, Riot Platform anticipates increasing its currently deployed hash rate capacity of 4.6 EH/s (using roughly 136 MW of energy) to 12.6 EH/s by Q1 2023.
An important aspect of Riot Platform’s strategy to expand its hash rate and infrastructure capacity is the purchase of modern mining hardware. By the end of 2023, Riot anticipates that its fleet of over 116,150 cutting-edge S19 series miners will have amassed a staggering 12.6 EH/s in self-mining hash rate.
There is a need for around 370 MW of electricity to run this large deployment. The newest immersion-cooling technology, which the corporation is using, can boost efficiency further.
The project aims to add 400 MW of electricity, making the desired output 750 MW. This will be accomplished partly by constructing additional structures with a total build-up area of 240,000 sq ft. Corsicana, Texas, where the business proposes to build its new 400 MW facility, has a population of over 200,000 and could utilize the extra electricity to power over 200,000 houses.
Plans for a gigantic, 1-gigawatt construction in Navarro County, Texas, indicate that Riot Platform intends to make a significant splash in the bitcoin mining industry.
The first phase of the one-year project, adding the 400 MW of capacity on 265 acres, has started. By July 2023, it plans to launch its immersion-cooled mining and hosting activities.