Bitcoin Miner Riot Rebrands With Business Strategy Expansion
- Riot Blockchain is rebranding its name to Riot Platforms.
- The company’s growth goal to continue growing its increasingly diversified business operations is supported by the rebranding, which signifies a rejuvenation. It is still committed to finding ways to improve the company’s expansion plans across all of its expanding, vertically integrated business lines.
As the Bitcoin miner attempts to navigate the shattered cryptocurrency landscape by broadening operations, Riot Blockchain has changed its name to Riot Platforms.
The company, located in Castle Rock, Colorado, chose the name amid the bull market run in late 2017. The miner was previously known as Bioptix Inc., a producer of diagnostic equipment for the biotech sector. Venaxis Inc. was the previous name of Bioptix.
The company’s rebranding strategy, which entails further diversifying its commercial operations, and it reflects a commitment to becoming the premier Bitcoin-driven infrastructure platform in the world.
Riot is still committed to finding ways to improve the company’s expansion plans across all of its expanding, vertically integrated business lines. While Riot’s electrical equipment manufacturing business will continue to run under the ESS Metron brand to support its long-standing customer base, Whinstone U.S. and Riot will brand jointly under Riot Platforms, Inc.
Riot Platforms CEO Jason Les said in a statement:
“Our successful acquisitions of Whinstone U.S., which developed and operated North America’s largest dedicated Bitcoin mining data center facility, and ESS Metron, which enhanced our electrical component engineering and supply chain capabilities, have formed the foundation on which our teams have built, and will continue to develop, business platforms for further growth. The scope and scale of our businesses continues to expand, and this rebranding better reflects our position as strategic allocators of capital to broaden the scope of our Bitcoin-focused operations.”
One of the few mining companies, Riot Platforms, has been able to lower energy costs and counteract market headwinds by entering into power purchase agreements that allow it to sell the electricity it has already purchased at a profit back to the grid.
Miners have suffered from declining profitability over the past year, and this summer, Stronghold Digital Mining even changed the focus of its operations to selling power from mining. Core Scientific is also having financial problems as the bankruptcy process is underway.
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