Riot Blockchain: 2022 is the year of consolidation for the Bitcoin mining industry

Bitcoin miner Riot Blockchain (RIOT) sees this year as a "consolidation year for the Bitcoin mining industry" and expects the company to potentially benefit from this trend.

The miner reported revenue of $213.2 million in 2021, up 1,665% from 2020 and beating analysts’ average estimate of $210.6 million, according to FactSet. The company posted a net loss of $7.9 million in 2021, compared with a net loss of $12.7 million in 2020.

According to a statement, the net loss for fiscal 2021 was significantly impacted by a non-cash stock-based compensation expense of $68.5 million and a non-cash, unrealized loss of $36.5 million from cryptocurrency impairment.

Riot also increased its balance sheet holdings by 353% in 2021, compared to 1,078 in 2020. On March 3, RIOT said it held about 5,783 self-mined bitcoins as of the end of February. Furthermore, Riot reiterated its expectation of reaching a hash rate of 12.8EH/s in 2022. In comparison, its peer Marathon Digital said it expects to hit 23.3EH/s by early 2023.