The pivots of Riot and Marathon

April 6, 2022, 11:13AM EDT

• 12 min read

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Quick Take

  • Riot Blockchain and Marathon Digital managed to grow their Bitcoin mining production and hashrate significantly over 2021.
  • Despite the initial doubt and scrutiny from the public and regulators, they have proven a successful business pivot into Bitcoin mining.
  • The vital equity financing starting in 2020 helped the two place large pre-orders for the newest Bitcoin ASIC miners before the market rally.
  • We take a further analysis based on the evolution of their strategy and key financial metrics over the past few years.

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