- Riot releases press release on upcoming 2022 results report
- The company earned almost $260 million and increased productivity to 9.7 EH/s
- But then the firm admitted to mistakes and postponed the publication of the results for two weeks.
Yesterday, March 2, bitcoin miner Riot issued a press release ahead of last year’s earnings report. It mentions an increase in revenue and an increase in the overall hashrate of the firm.
“Riot’s industry-leading financial strength puts us in a strong position to continue our aggressive growth strategy well into 2023.” says in statement.
In particular, Riot’s revenue amounted to $259.2 million. The company mined 5554 BTC, which is 46% more than in 2021. At the same time, the miner allegedly tripled his hashrate to 9.7 EH/s.
These are truly impressive results. Especially given the recession in the industry in the second half of the year. Where the rest of the miners were at least left with nothing, Riot managed to increase revenue and productivity.
It was only after this that the company filed a notification with the SEC (Securities and Exchange Commission) about the need to recalculate reports for 2021-2022. Allegedly in Riot provided inaccurate data on the depreciation of assets.
Interestingly, earlier the same “punctures” were found in Marathon Digital reports. But it was not the company itself that found them, but the regulator, in connection with which the Commission turned to the miner.
In this case, Riot’s financial results are at least inaccurate. However, this has nothing to do with the hashrate, which has really grown over the past year.
The company undertakes to submit an updated report within 15 days. Riot’s share price declined slightly on the news.
