Bitcoin mining company Riot Blockchain did not publish its quarterly report of earnings on time. It wants to first assess the damages it has suffered due to the recent events like crytocurrency crash, Ukraine war and other macroeconomic events. It first wants to figure out how much its asset value has come down. The company expressed its inability to file the quarterly report for the period ending June 30, 2022 by the deadline August 9, 2022.
One week back, the company had disclosed its plan to publish this report on time by August 9. However, on Tuesday it disclosed about the delay when it filed with the US SEC. Its rivals Cipher Mining, Marathon Digital Holdings and CleanSpark published their earnings report this week. Riot cited adverse business climate changes as the reasons for not filing the quarterly report.
In May last year, Riot had purchased a huge facility in Texas’s Rockdale. That purchase made it a big miner in the industry. While the energy prices have soared because of the Ukraine war, the cryptocurrency value has crashed. This crash has reduced the margins of bitcoin miners and they are struggling to remain profitable.
Riot had reported last week that its bitcoin mining in July was 28% less than usual. It reduced its energy intake, earning power credits worth $9.5M. This was the time when Texas suffered heat waves, leading to increased power demand. Riot’s 12,146 mining rigs went offline in the same month when they were shifted to Texas from New York.
Riot’s stock came down by 2% after it disclosed the delay.