Colorado-based bitcoin miner Riot Blockchain reported total revenue of nearly $260 million for 2022, up 22% from 2021. It mined 5554 BTC and increased its hash rate to an all-time high of 9.7 EH/s. Positive results were obtained despite the destructive bear market that reigned most of the year, and the decline in Riot production levels in the summer due to the heat.
No matter what
Riot produced 46% more bitcoin in 2022 than in 2021. However, the collapse of the crypto market affected the income from BTC mining, which amounted to $ 156 million compared to $ 184 million recorded a year earlier. CEO Jason Les described Riot’s 2022 results as “remarkable,” highlighting ATH’s achieved hash rate of 9.7 EW/s (as of Dec. 31, 2021, the figure was 3.1 EW/s), expanding at the Rockdale facility, and maintaining a “strong financial position.”
“We more than tripled our hashrate capacity, resulting in numerous monthly production records, and ended the year with a record high hashrate throughput of 9.7 WH/s, a testament to the hard work of our best-in-class team throughout 2022. Three new buildings at our Rockdale facility were completed in 2022, and the fourth is nearing completion in Q1 2023, which, when completed, will complete the expansion of our Rockdale facility,” the executive explained.
Riot has also benefited significantly from its energy strategy, which has allowed it to reduce production costs. Despite the unsatisfactory state of the cryptocurrency sector, the firm ended 2022 with approximately $230 million in cash and no long-term debt. As of the end of the year, he owned 6,974 BTC (currently worth more than $156 million) and promised to follow his expansion plans throughout 2023.
The miner’s results could have been even more impressive if the intense heat had not affected the Texas region (where most of its mining fleet is located) in the summer. Riot produced nearly 30% less bitcoin in July than it did in June because it had to turn off some of its equipment when temperatures hovered around 40 degrees Celsius.
Along with positive mining figures, Riot reported a net loss of nearly $510 million in 2022 (up from just $15.4 million in 2021). Diluted net loss per share rose from $0.17 in 2021 to $3.65 last year. The protracted crypto winter has taken a toll on RIOT shares, which are currently worth around $6.20, down 61% from the same period last year.
