Bitcoin miner Riot Blockchain (RIOT) delayed its quarter earnings report as a result of it wants extra time to calculate how a lot the cryptocurrency rout, the warfare in Ukraine and different macroeconomic points have minimize the worth of its property.
The corporate stated lower than per week in the past that it deliberate to launch the figures on Tuesday. The delay was disclosed in a submitting with the U.S. Securities and Change Fee. Its rivals Marathon Digital Holdings (MARA), Cipher Mining (CIFR) and CleanSpark (CLSK) reported their earnings this week as anticipated.
Riot grew to become one of many trade’s greatest miners when it purchased a huge facility in Rockdale, Texas, in Could 2021. Bitcoin miners have seen their margins slashed as the worth of the world’s greatest cryptocurrency has dropped, whereas power costs, a serious a part of miners’ prices, have soared globally because of the warfare in Ukraine.
Final week, Riot stated it mined 28% fewer bitcoin in July than typical. Riot curtailed its power consumption, incomes $9.5 million in energy credit, as warmth waves swept via Texas, rising the state’s demand for energy. Throughout the identical month, 12,146 of Riot’s mining rigs have been offline as they’re transferred from New York to Texas.
Riot’s inventory fell about 2% following the disclosure of the delay.
