The Colorado-based miner beat analysts' estimates for 2021 sales due to a higher company hashrate and bitcoin price.
One of the largest publicly traded bitcoin miners, Riot Blockchain (RIOT) sees this year as the “year of consolidation in the Bitcoin mining industry" and expects the company to potentially benefit from such a trend.
-
The miner said its "continuously evaluating strategic opportunities" which it may decide to undertake as part of its strategic growth initiatives, company said in a Securities and Exchange Commission (SEC) filing on Tuesday.
-
The miner reported 2021 revenue of $213.2 million, which is up 1,665% from 2020 and beat average analyst estimates of $211.06 million, according to FactSet data.
-
A rise in the company's hashrate and bitcoin price helped the company's revenue in 2021, the miner said.
-
The company reported a net loss of $7.9 million in 2021, versus a net loss of $12.7 million in 2020. The net loss for the fiscal year 2021 was significantly impacted by non-cash stock-based compensation expense of $68.5 million and a non-cash, unrealized loss of $36.5 million on impairment of cryptocurrencies, according to a statement.
-
Riot also increased the bitcoin held on the balance sheet by 353% in 2021, compared to 1,078 in 2020. On March 3, the miner said it held about 5,783 self-mined bitcoins as of end of February.
-
Furthermore, the miner re-iterated its expectations of reaching a 2022 hashrate of 12.8 exahash per second (EH/s). By comparison, its peer Marathon Digital said it expects to reach a hashrate of 23.3 EH/s by early 2023.
-
Riot shares rose slightly in post-market trading, while bitcoin hovered above $40,000, according to TradingView data.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.