Bitcoin Mining Agency Riot Ditches 'Blockchain' From Identify in Rebrand – Decrypt

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Bitcoin mining agency Riot Blockchain has rebranded to Riot Platforms, in a move meant to mirror the corporate’s “more and more diversified enterprise operations.”

Riot, which has seen its market capitalization collapse by over 85% prior to now yr, stays the world’s most useful publicly traded Bitcoin mining agency, properly forward of its closest rival Marathon Digital Holdings by valuation.

The previous few years have seen Riot have interaction in a big variety of acquisitions, a few of which might probably assist a transition towards a extra diversified enterprise mannequin.

Riot Blockchain, Inc. Publicizes Company Rebranding to Riot Platforms, Inc., Reflecting More and more Diversified, Bitcoin-Pushed, Enterprise Operations.

Learn extra in right now’s press launch: https://t.co/zEPk3cojFS.

— Riot Platforms, Inc. (@RiotPlatforms) January 3, 2023

In December 2021, Riot acquired ESS Metron, a Denver-based electrical element engineering agency that caters to the facility and water industries, in a deal value roughly $50 million of Riot’s frequent inventory and $25 million in money.

The corporate additionally acquired Whinstone US, the proprietor and operator of North America’s largest Bitcoin mining and internet hosting facility, in Could 2021, with the deal estimated to be value round $651 million.

I predict a Riot

Riot’s frequent inventory will proceed to be listed for buying and selling on the NASDAQ inventory trade below its present ticker image RIOT.

This isn’t the primary time that mining firms have shifted away from a blockchain focus of their branding.

Way back to August 2022 crypto miner Utilized Blockchain (APLD) announced its rebranding to Applied Digital, because it regarded to dedicate a few of its computing energy to different high-performance computing purposes past mining.

It’s comprehensible why some Bitcoin mining corporations wish to pivot away from a concentrate on mining, because the sector struggles within the face of the continued crypto winter and elevated power costs. A variety of well-known corporations inside the business have both declared chapter or are within the midst of wide-ranging restructuring plans to keep away from it.

In late December Core Scientific, which was as soon as one of many business’s largest Bitcoin miners, filed for Chapter 11 bankruptcy protection in Texas.

That very same month, Bitcoin miner Greenidge announced that there was “substantial doubt” about its capability to proceed as a enterprise, saying that its Board of Administrators was actively discussing the potential of voluntary chapter amid complicated plans for debt cancellation.