Bitcoin mining company Riot Blockchain failed to meet analyst estimates for revenue for the third quarter.
Crypto mining companies have been hit hard by the slump in bitcoin.
Bitcoin mining company Riot Blockchain fell short in the third quarter, missing analyst targets for revenue. Riot posted a net loss of $36.6 million, or 24 cents a share, compared to $15.3 million, or 16 cents a share, from a year earlier, the. Revenue dipped 28% to $46.3 million, missing what Bloomberg said was a $54.2 million analyst expectation.
Despite the decreasing revenue, Riot is still in relatively strong shape compared to other mining firms. Iris Energy faces default claims, Core Scientific warned it might have trouble paying its debts and Argo said it was in a similar position. Over the past year, most bitcoin mining company stocks tracked by The Block fell as bitcoin traded down, lately falling to around $20,600.
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