• Riot Platform, formerly known as Riot Blockchain, 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.
• 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 Platform Overview
Riot Platform is a publicly listed bitcoin mining and blockchain technology firm that was formerly known as Riot Blockchain. After losing more than 60% of its value over the past year, the company rebranded itself to be called Riot Platforms and removed “Blockchain” from their business name. The corporation currently has one of the largest bitcoin mining operations in North America with a hash rate of 4.6 EH/s and an estimated 136 MW of energy use.
Riot Reports Full Year 2022 Financial Results
Rising Bitcoin output and 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. By bolstering the ERCOT infrastructure in Texas, which provides zero cost electricity for their needs, the firm collected $27.3 million in power credits which were essential for their success last fiscal year.
2023 Roadmap for Growth
In order to survive in this competitive market, Riot Platform plans on expanding into related industries by building an industrial scale infrastructure that can recruit miners of current generations as well as purchasing modern mining hardware equipment such as S19 series miners by Q1 2023 which will result in a total hash rate capacity of 12.6 EH/s at 370MW electric consumption rate by end 2023..
Power Credits Collection
To keep their costs low while acquiring high-quality electricity services needed to run their operations successfully, they have been collecting power credits through their partnership with ERCOT in Texas where they are entitled to 80% free electricity supply due to these credits earned throughout 2022 amounting to $27.3 million dollars .
Conclusion
This article discussed how after restructuring themselves removing “blockchain” from their name along with expanding into other industries such as providing cutting-edge S19 series miners enabling them with higher hash rates & collecting power credit entitlements through ERCOT totaling up to $27million dollars , it appears that if all goes according to plan then we can expect great things from this giant corporation within 2 years time .