Bitcoin Miner Riot Blockchain Delays Earnings Report to Sort Out How Much Crypto Rout Devalued Its Assets
Bitcoin miner Riot Blockchain (RIOT) delayed its quarter 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 company said less than a week ago that it planned to release the figures on Tuesday. The delay was disclosed in a filing with the U.S. Securities and Exchange Commission. Its rivals Marathon Digital Holdings (MARA), Cipher Mining (CIFR) and CleanSpark (CLSK) 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 miners have seen their margins slashed as the price of the world's biggest cryptocurrency 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 heat waves 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 are transferred from New York to Texas.
Riot's stock fell about 2% following the disclosure of the delay.
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