In 2022, mining company Riot reported a revenue of $259.2 million, according to a press release. During the same period, the Bitcoin miner mined 5554 BTC, which was 46% more than in 2021.
The hash rate also tripled, reaching 9.7 EH/s. Jason Les, Riot Platforms CEO, has commented on the company’s financial success, stating that it provides the edge to “deliver on aggressive growth plans in 2023 and beyond.”
Despite the impressive performance, a decrease in income from mining BTC was reported due to the depreciation of the asset. Moreover, Riot filed a separate filing with the US Securities and Exchange Commission stating that there are accounting errors in the 2020 and 2021 financial statements.
The company promised to submit corrected versions within 15 days. Upon release of the report, the company’s securities reacted weakly (+0.65% per day). Earlier in January 2023, Riot sold 700 BTC worth approximately $13.7 million.