Mining Firm Riot Blockchain Lost $36.6M in Q3 2022

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According to its latest quarterly report, mining company Riot Blockchain has recorded a net loss of $36.6 million in the third quarter, compared to $366.3 million in the previous period.

The company’s financial results in the second quarter were extremely negatively affected by the depreciation of goodwill (by $349.1 million) and Bitcoin reserves (by $99.8 million).

Compared to July-September 2021, Riot Blockchain’s loss for the reporting period increased by 16%, whereas revenue decreased by 28% year-on-year to $46.3 million.

Mining generated $22.1 million for the quarter, while hosting services generated $8.4 million. Electrical equipment manufacturer ESS Metron, which was acquired in 2021, generated $15.8 million in revenue.