Riot Blockchain Rebrands to Riot Platforms, Becomes Most Valuable Bitcoin Mining Firm Despite Crypto Winter

1: riot blockchain has rebranded to riot platforms in order to reflect its diversified business operations. riot is the world’s most valuable publicly traded bitcoin mining firm and has engaged in a number of acquisitions in the past few years, including ess metron in december 2021 and whinstone us in may 2021.

2: both of these acquisitions were announced on the nasdaq stock exchange, where riot’s common stock is also listed for trading. additionally, other mining companies have shifted away from a blockchain focus in their branding, such as applied blockchain which rebranded to applied digital in august 2022.

3: bitcoin mining firms are looking to pivot away from a focus on mining due to the crypto winter and increased energy prices, which has caused core scientific, one of the industry’s largest bitcoin miners, to file for chapter 11 bankruptcy protection in december 2021. greenidge also announced there was “substantial doubt” about its capacity to continue as a business in december 2021, and its board of directors was actively discussing the possibility of voluntary bankruptcy. despite these issues, riot is still well ahead of its closest rival marathon digital holdings by valuation, and applied digital dedicated some of its computing power to other high-performance computing applications beyond mining. riot’s market capitalization has collapsed by over 85% in the past year, however, which has led to the company’s rebranding.

By Evey Lovelace

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