The Riot 2022 reports showed that the Bitcoin miner tripled its hashrate capacity to an all-time high of 9.7 EH/s.
Bitcoin (BTC) mining company Riot Platforms recently released a full-year 2022 report on its financial and operational performance. For the period ended December 2022, the company raked in revenue of $259.2 million while also tripling its hashrate capacity.
Riot explained that its full-year revenue haul resulted from increased BTC production. The company also said its end-of-year proceeds were due to an entire year of hosting and engineering revenues. Last year, Riot produced 5,554 Bitcoin, representing a 46% increase from 2021, and also recorded a record hashrate capacity of 9.7 EH/s.
Riot saw notable benefits from its unique power strategy last year, generating more than $27 million in power credits. The Bitcoin miner achieved this development via voluntary energy curtailment under low-cost, large-scale, and long-term fixed-rate power contracts. Riot explained the power credits enabled it to lower its 2022 production cost, on a non-GAAP basis, to industry-low levels.
Riot’s BTC mining revenue dipped in 2022 due to the declining value of the leading crypto. Bitcoin surged above $65K in November 2021 but declined past $20K at some point last year.
Despite challenging market conditions, especially in the second half of 2022, Riot maintained a strong financial position, ending the year with roughly $230 million in cash. In addition, Riot also finished 2022 with no long-term debt, and 6,974 BTC worth approximately $116 million. The stated crypto value was on a non-GAAP basis calculated using year-end Bitcoin prices.
Riot CEO Comments on 2022 Performance Report
Highlighting Riot’s successful expansion and strides in other ongoing capital projects at its Rockdale Facility in 2022, company CEO Jason Les noted:
“This was a remarkable year of growth for Riot, as we more than tripled our hash rate capacity, leading to numerous monthly production records, and finished the year at an all-time high of 9.7 EH/s in hash rate capacity.”
According to the CEO, Riot’s hashrate output reflected the hard work rendered by its best-in-class team throughout 2022. Furthermore, Les also touched on Riot’s ongoing capital initiatives, saying:
“Three new buildings at our Rockdale Facility were completed in 2022, and a fourth is nearing completion in Q1 2023, which, when completed, will finalize our Rockdale Facility expansion. Meanwhile, our additional growth plans continue to progress, with development at our Corsicana Facility, where we broke ground in mid-2022 and are on track for energization in the fourth quarter of 2023.”
Following the rousing Riot 2022 report, Les said the company remains in a strong position to execute aggressive growth plans. He said Riot could pick up in 2023 from where it left off last year and grow beyond this year.
In a separate filing with the Securities and Exchange Commission (SEC), Riot discounted previous financial statements for 2020 and 2021. The BTC mining platform recommended the disregard of those financial statements due to a Bitcoin-related accounting change.
Riot also revealed that it would disclose the amended impacted financials in a 2022 10-K filing.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
