• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

What is Proof-of-Authority (POA) Consensus in Blockchain?

2025-05-09

What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

2025-05-09

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What is Proof-of-Authority (POA) Consensus in Blockchain?

    2025-05-09

    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

    2025-05-09

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

    2025-05-03

    What is a Layer-2 (L2) Blockchain Solution? Types & Problems They Solve

    2025-05-02

    What Is a Layer-0 Blockchain Protocol?

    2025-05-02
  • Videos

    Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

    2025-05-07

    Bitcoin PUMPS Ahead of FOMC Press Conference

    2025-05-06

    Bitcoin Core Removes The Mask

    2025-05-06

    Next CME Gap For Bitcoin to Fill (GET READY!!)

    2025-05-05

    How To Run A BITCOIN NODE: Knots on Desktop, Umbrel and Start9

    2025-05-05
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»Riot sees lower 2022 revenue despite more BTC mined; delays annual filing on Bitcoin impairment calculation issue
Regulation

Riot sees lower 2022 revenue despite more BTC mined; delays annual filing on Bitcoin impairment calculation issue

2023-03-03No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Crypto lost $2.77 billion to hacks, exploits in 2022
Share
Facebook Twitter LinkedIn Pinterest Email

Ad

Bitget

Crypto mining firm Riot Platforms published its 2022 financial results on March 2 and reported that it would delay its 10-K filing with regulators.

Riot saw significant growth in 2022

In its annual report, Riot reported “record results” for the year of 2022. The company said that it brought in $259.2 million in total revenue over the course of the year. It also ended the year with $230 million of cash, 6,974 BTC ($116 million), and no long-term debt.

The company also saw heightened mining performance, producing 5,554 BTC and reaching a record hash rate of 9.7 exahashes per second (EH/s) in 2022.

The company additionally said that it generated more than $27 million in power credits through various contracts that saw it limit its energy use.

Much of that data represents an increase from the previous year. In 2021, Riot saw $213.2 million in total revenue, produced 3,812 BTC, and achieved a hash rate of 3.1 EH/s.

In spite of higher overall revenue, Riot produced less Bitcoin mining revenue in terms of dollar value. It produced just $156.9 million of mining revenue in 2022 after producing $184.4 million of mining revenue in 2021. It achieved higher overall revenue in 2022 by mining more Bitcoin and through greater engineering and data hosting revenue.

The company also reported a net loss in 2022 amounting to $509.6 million — a loss much greater than the $15.4 million loss it reported in 2021. Its loss in 2022 was largely due to impairment costs on two acquisitions, its crypto holdings, and its miners.

See also  Former Wells Fargo Executive Pays $40,000 Fine, Exits Banking Industry After Allegedly Misleading Customers and Falsifying Documents

Riot delays 10-K filing

Riot also announced today that it will delay its 10-K financial filing, as indicated in a document that the company submitted to the U.S. SEC on March 2.

Riot and its accounting firm discovered that the existing method of calculating Bitcoin impairment charges did not meet the requirements of an accounting rule. The company said that the intraday low price of Bitcoin should be used in those calculations. Previously, the company calculated impairments based on daily spot prices.

In light of those issues, Riot said that it will not file its 10-K Annual Report by the expected deadline. It expects to file that report within the standard 15-day extension.

Two other companies also delayed their 10-K this week. Marathon, a competing mining company, delayed its 10-K filing for similar reasons. Silvergate Bank also delayed its 10-K this week due to regulatory inquiries as well as auditing reasons.

Riot’s share price has been minimally impacted and is up 0.65% over 24 hours on Mar. 2.

Annual Bitcoin BTC calculation delays filing impairment Issue Mined Revenue Riot Sees
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

2025-05-07

Bitcoin PUMPS Ahead of FOMC Press Conference

2025-05-06

Bitcoin Core Removes The Mask

2025-05-06

Next CME Gap For Bitcoin to Fill (GET READY!!)

2025-05-05
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

🤑🤑🤑 One digital asset could 5X in 2 years?! #shorts

2023-10-18

Crypto AI plugins and new hardware wallets hit the market, Caroline Ellison takes the stand…

DeFi

Value Locked in Defi Nears $50B With 34.40% Surge in 46 Days, Led by Top Protocols

2023-12-03

The total value locked (TVL) in decentralized finance (defi) is on the brink of surpassing…

NFT

Iconic Electronic Music Platform Beatport Launches NFT Marketplace on Polkadot

2023-07-27

Beatport is finally making waves in Web3. The iconic music platform, a trusted resource for…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

What is Proof-of-Authority (POA) Consensus in Blockchain?

2025-05-09

What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

2025-05-09

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07

Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

2025-05-07
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 103,027.60
ethereum
Ethereum (ETH) $ 2,338.98
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.35
bnb
BNB (BNB) $ 672.05
solana
Solana (SOL) $ 171.80
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.205773
cardano
Cardano (ADA) $ 0.778745
tron
TRON (TRX) $ 0.263575
bitcoin
Bitcoin (BTC) $ 103,027.60
ethereum
Ethereum (ETH) $ 2,338.98
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.35
bnb
BNB (BNB) $ 672.05
solana
Solana (SOL) $ 171.80
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.205773
cardano
Cardano (ADA) $ 0.778745
tron
TRON (TRX) $ 0.263575