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 conflict in Ukraine and different macroeconomic points have minimize the worth of its belongings.
The corporate mentioned lower than every 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 Alternate 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 business’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 as a result of conflict in Ukraine.
Final week, Riot mentioned it mined 28% fewer bitcoin in July than traditional. Riot curtailed its power consumption, incomes $9.5 million in energy credit, as warmth waves swept by means of Texas, growing 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.