Riot Blockchain Rebrands to Riot Platforms
Riot Blockchain, a major bitcoin mining company, has changed its name to Riot Platforms to more accurately represent its diverse business interests. As part of this transformation, CEO Jason Les stated that the company is evolving by allocating capital to broaden its Bitcoin-centered activities. This shift mirrors similar changes by Applied Digital, formerly Applied Blockchain, as these companies pivot from solely focusing on cryptocurrencies. Amid challenges and narrow margins, such as those faced by Stronghold Digital Mining, Riot continues to adapt by expanding its operations. The company, along with its main Texas facility, Whinstone U.S., will fall under the parent organization, Riot Platforms Inc., while continuing its electrical equipment manufacturing as ESS Metron. Notably, Riot has started developing another site in Texas, planned to expand up to 1 gigawatt.
FAQ
❓ Why did Riot Blockchain change its name?
Riot Blockchain changed its name to Riot Platforms to better reflect its diversified business operations and strategic investments.
❓ What is the focus of Riot Platforms?
Riot Platforms focuses on strategically expanding its Bitcoin-focused businesses and investments.
❓ What changes are happening at Riot Platforms' Texas site?
Riot Platforms is expanding its Texas site with the potential to grow operations up to 1 gigawatt.