Bitcoin miner Riot reports rising output, triples hashrate in 2022

Quick Take

  • Bitcoin miner Riot reported $259.2 million in revenue for the year ending in December 2022. 
  • Riot also tripled its hashrate capacity, the firm said. 

Bitcoin miner Riot Platforms, Inc. reported revenue of $259.2 million for the year ending in December, which it says was a result of increased bitcoin production and a full year of hosting and engineering revenues. 

The bitcoin miner produced 5,554 bitcoin, up 46 percent from 2021, the company said in a statement on Thursday.

“Riot’s industry-leading financial strength puts us in a strong position to continue executing on our aggressive growth plans, in 2023 and beyond,” said Jason Les, CEO of Riot Platforms.  

Les also noted that Riot tripled its hashrate capacity. 

Bitcoin mining revenue slipped a bit for the miner, and it cited bitcoin’s lower value in the market. Bitcoin rose above $65,000 in Nov. 2021 but fell below $20,000 in parts of 2022.

In a separate filing with the U.S. Securities and Exchange Commission, Riot said its previously released financial statements for 2020 and 2021 "should no longer be relied upon" because of an accounting change related to the way bitcoin is carried on the balance sheet.

The company plans to disclose the amended impacted financials in a 10-K filing for 2022.

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