Riot Platform Plans Massive Expansion as Revenue Surges
Riot Platform, a leading Bitcoin mining company in the United States, has reported impressive financial and operational highlights for 2022. The company generated total revenue of $259.2 million, with Bitcoin mining revenue at $156.9 million, data center hosting revenue at $36.9 million, and engineering revenue at $65.3 million. Riot Platform also increased its hash rate capacity to 9.7 EH/s, a 213% increase compared to the previous year.
The company is currently working on a 1-gigawatt expansion project in Corsicana, Texas, which will see the initial development of a 400 MW facility on a 265-acre site. The ambitious expansion will cost an estimated $333 million and is set to begin operations in July 2023. The company plans to increase its capacity to an astounding 1GW, with an additional 600MW in the future.
In 2022, Riot Platform produced 5,554 Bitcoin, a 46% increase from the 3,812 Bitcoin produced in 2021. The company also reported a net loss of $509.6 million, which was significantly affected by non-cash impairment charges totaling $538.6 million related to the acquisitions of Whinstone and ESS Metron in 2021.
Riot Platform’s subsidiary, Whinstone US, Inc., offers data center hosting services for institutional clients and is currently undergoing expansion to double its Bitcoin mining capacity. The expansion project includes new buildings and a total build-up area of 240,000 sq ft., adding 400 MW of power to the 750 MW goal.
With substantial investments in large-scale mining operations and ambitious plans for the future, Riot Platform continues to strive for industry leadership in Bitcoin mining.