Riot Blockchain delays earning report due to the devaluation of assets by Crypto Rout

Because it needs more time to determine how much the cryptocurrency crash, the war in Ukraine, and other macroeconomic problems have reduced the value of its assets, bitcoin miner Riot Blockchain (RIOT) has postponed the release of its quarterly earnings report.

Less than a week after the company stated it intended to release the numbers on August 9, the delay was revealed in a filing with the U.S. Securities and Exchange Commission on Tuesday. Riot's competitors CleanSpark (CLSK), Cipher Mining (CIFR), and Marathon Digital Holdings (MARA) all released their earnings reports this week as expected.

Riot acquired a massive facility in Rockdale, Texas, in May 2021, elevating it to the status of one of the largest miners in the sector. Bitcoin miners have seen their profits shrink as the value of the largest cryptocurrency in the world has fallen, while energy costs, a significant component of miners' expenses, have increased globally as a result of the conflict in Ukraine.

Riot reported last week that it mined 28% less bitcoin in July than usual. As heat waves swept through Texas, raising the need for power in the state, Riot reduced its energy consumption, earning the state $9.5 million in power credits. Riot's mining rigs were offline for 12,146 hours in the same month as they were being moved from New York to Texas.

Following the delay's disclosure, Riot's stock dropped by about 2%.

By fLEXI tEAM