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.
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.
Learn more about Consensus 2023, 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.