Riot reported losses

  • Ultramining.com
  • 13:13 Nov 08, 2022
  • 175
Riot reported losses

Even though BTC managed to overcome the mark of $20 thousand, it didn't save miners from losses. Riot Blockchain was among those who showed negative results.

In the third quarter, losses amounted to $36.6 million. The company's management made attempts to equalize the situation, however, they failed to reduce operating costs.

Note that on the part of analysts, the expected losses were slightly higher - $54.3 million. Also, Riot Blockchain showed reserves of $255 million and 6,766 bitcoins.

The company's securities lost 1.5% amid the reporting news. In total, for the year the shares fell in price by 74%.


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