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Bitcoin mining company Riot Blockchain has rebranded to Riot Platforms. movement It is intended to reflect the company’s “increasingly diversified business operations.”
Riot’s market capitalization collapsed 85% or more Over the past year, it remains the world’s most valuable public company bitcoin mining The company is well ahead of its closest rival, Marathon Digital Holdings, in valuation.
Over the last few years, Riot has made quite a few acquisitions. Some of which may support a shift to more diverse business models.
Riot Blockchain, Inc. has announced a corporate rebrand to Riot Platforms, Inc. to reflect its increasingly diversified Bitcoin-driven business operations.
For more information, please see today’s press release (https://t.co/zEPk3cojFS).
—Riot Platforms, Inc. (@RiotPlatforms) January 3, 2023
December 2021, Riot Acquisition of ESS Metrona Denver-based electrical components engineering company serving the power and water industry, in a transaction valued at approximately $50 million in Riot common stock and $25 million in cash.
The company also acquired Whinstone US, owner and operator of North America’s largest Bitcoin mining and hosting facility, in May 2021.
Riot common stock will continue to be listed on the NASDAQ Stock Exchange and trade under the existing ticker symbol RIOT.
This is not the first time a mining company has moved away from the blockchain focus in its branding.
Back to August 2022, cryptocurrency miner Applied Blockchain (APLD) Announces rebranding to Applied Digitalwas trying to dedicate some of its computing power to other high-performance computing applications besides mining.
With some bitcoin mining companies struggling in the face of the ongoing crypto winter and rising energy prices, it is understandable why they are looking to move away from their mining focus.a Many high-profile companies within the industry have declared bankruptcy or are in the midst of extensive restructuring plans to avoid it.
In late December, Core Scientific, once the largest in the industry, Bitcoin Miners has filed for Chapter 11 bankruptcy protection in Texas.
In the same month, Bitcoin miner Greenidge announced The company’s board said it was actively discussing the possibility of voluntary bankruptcy amid a complex debt cancellation plan, and said it had “significant doubts” about its ability to continue operations.
