Bitcoin Miner Riot Blockchain Delays Earnings Report to Sort Out How Much Crypto Rout Devalued Its Assets

Its rivals Marathon, Cipher and CleanSpark all managed to get their results out this week as expected.

AccessTimeIconAug 9, 2022 at 10:13 p.m. UTC
Updated May 11, 2023 at 6:51 p.m. UTC

Bitcoin miner Riot Blockchain (RIOT) delayed its quarterly earnings report because it needs more time to calculate how much the cryptocurrency rout, the war in Ukraine and other macroeconomic issues have cut the value of its assets.

The delay was disclosed in a Tuesday filing with the U.S. Securities and Exchange Commission, less than a week after the company said it planned to release the figures on Aug. 9. Riot's rivals Marathon Digital Holdings (MARA), Cipher Mining (CIFR) and CleanSpark (CLSK) all reported their earnings this week as anticipated.

Riot became one of the industry's biggest miners when it bought a gigantic facility in Rockdale, Texas, in May 2021. Bitcoin (BTC) miners have seen their margins slashed as the price of the world's biggest cryptocurrency by market value has dropped while energy prices, a major part of miners' costs, have soared globally due to the war in Ukraine.

Last week, Riot said it mined 28% fewer bitcoin in July than usual. Riot curtailed its energy consumption, earning $9.5 million in power credits, as heatwaves swept through Texas, increasing the state's demand for power. During the same month, 12,146 of Riot's mining rigs were offline as they were transferred from New York to Texas.

Riot's stock fell about 2% following the disclosure of the delay.



DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.