{"id":69719,"date":"2022-11-08T14:41:30","date_gmt":"2022-11-08T12:41:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69719"},"modified":"2025-09-07T21:44:07","modified_gmt":"2025-09-07T18:44:07","slug":"riot-blockchain-slashes-quarterly-loss-tenfold","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/riot-blockchain-slashes-quarterly-loss-tenfold\/","title":{"rendered":"Riot Blockchain slashes quarterly loss tenfold"},"content":{"rendered":"<p>In the third quarter, the mining company Riot Blockchain posted a net loss of $36.6 million versus <a href=\"https:\/\/u1f987.com\/en\/news\/rriot-blockchain-posts-quarterly-loss-of-more-than-366-million\">$366.3 million in the prior period<\/a>.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Riot Reports Third Quarter 2022, Current Operational and Financial Highlights.<\/p>\n<p>Read Riot\u2019s latest press release here: <a href=\\\"https:\/\/t.co\/xVQmafjDZt\\\">https:\/\/t.co\/xVQmafjDZt<\/a><\/p>\n<p>\u2014 Riot Blockchain Inc. (@RiotBlockchain) <a href=\\\"https:\/\/twitter.com\/RiotBlockchain\/status\/1589740682654388224?ref_src=twsrc%5Etfw\\\">November 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In Riot Blockchain&#8217;s second-quarter results, impairment of <span data-descr=\\\"the company's intangible asset reflecting its market reputation\\\" class=\\\"old_tooltip\\\">goodwill<\/span> (by $349.1 million) and Bitcoin reserves (by $99.8 million) weighed heavily.<\/p>\n<p>Compared with July\u2013September 2021, Riot Blockchain&#8217;s loss for the period rose by 16%. Year-over-year revenue declined by 28% to $46.3 million.<\/p>\n<p>Mining generated $22.1 million for the quarter, hosting services $8.4 million. Revenue from the electrical-equipment manufacturer ESS Metron, acquired in 2021, amounted to $15.8 million.<\/p>\n<p>During the quarter, Riot Blockchain generated $13.1 million from feeding electricity back into the grid, versus $5.7 million in Q2. The amount is equivalent to mining roughly 760 BTC for the period, the company said.<\/p>\n<p>Riot Blockchain mined 1,042 BTC in the third quarter, compared with 1,292 BTC a year earlier.<\/p>\n<p>As of September 30, the company operated a fleet of 55,728 ASIC miners with a total hashrate of 5.6 EH\/s.<\/p>\n<p>In October the firm deployed an additional 9,788 Antminer S19 devices from Bitmain. A further 7,912 units are awaiting hookup. After the installation is complete, Riot Blockchain&#8217;s capacity is expected to total about 7.8 EH\/s.<\/p>\n<p>By early 2023, the company is aiming to grow its fleet to 115,450 miners with a hashrate of about 12.5 EH\/s. Virtually all of Riot Blockchain&#8217;s equipment will consist of S19-series miners.<\/p>\n<p>The company said it continues expanding <a href=\"https:\/\/u1f987.com\/en\/news\/riot-blockchain-to-buy-whinstone-us-for-651-million\">the data centre in Rockdale<\/a> with a capacity of 400 MW, and has begun laying the foundation <a href=\"https:\/\/u1f987.com\/en\/news\/riot-blockchain-announces-1-gw-expansion-of-bitcoin-mining-capacity\">for a 1 GW facility in Corsicana<\/a>. Both projects are in Texas.<\/p>\n<p>Riot Blockchain said the company remained in a solid financial position. As of the end of the third quarter, it had $255 million in cash and 6,766 BTC on its balance sheet. The total value of reserves stood at $369.8 million.<\/p>\n<p>Earlier in September, the industry faced <a href=\"https:\/\/u1f987.com\/en\/news\/compute-north-files-for-bankruptcy\">its first major bankruptcy<\/a> \u2014 blockchain hosting provider Compute North filed for insolvency.<\/p>\n<p>In October, Core Scientific warned regulators <a href=\"https:\/\/u1f987.com\/en\/news\/core-scientific-faces-bankruptcy-risk\">about the risk of reserve depletion<\/a> by year-end and the potential default on financial obligations.<\/p>\n<p>Argo Blockchain <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-fails-to-raise-24m-of-equity-capital\">said<\/a> it would restrict or even halt cryptocurrency mining operations without additional capital.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the third quarter, the mining company Riot Blockchain posted a net loss of $36.6 million versus $366.3 million in the prior period.<\/p>\n","protected":false},"author":1,"featured_media":69720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1186],"class_list":["post-69719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-riot-platforms"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69719"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69719\/revisions"}],"predecessor-version":[{"id":69721,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69719\/revisions\/69721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69720"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}