Riot Blockchain Stock Gains 8% After Reporting Results

Investing.com -- Riot Blockchain Inc (NASDAQ:RIOT) saw its shares rise 8% on Thursday after the company announced its full-year earnings.

The bitcoin mining company reported revenue growth of 1,665% to $213.2 million compared to 2020. However, it still reported a net loss of $7.9 million in 2021. Total mining revenue in 2021 was $184.4 million compared to $12 million in 2020.

The company increased its hashing capacity by 444% to 3.1 EH/s and increased the amount of bitcoin held on its balance sheet to 4,884 BTC.

Riot said 2022 will be "a year of consolidation in the Bitcoin mining industry," and they believe that, given their relative position in the competitive landscape, the company is "likely positioned to benefit from this consolidation."

"We are pleased to report that 2021 was a record financial year for the Company," said Jason Les, CEO of Riot. "2021 was also a transformative year, with the Company emerging as a vertically-integrated industry leader in Bitcoin mining."

Despite rising on Thursday, Riot's stock is down 20% in 2022.