Riot Blockchain has changed its name to Riot Platforms as the Bitcoin miner tries to traverse the broken cryptocurrency landscape by expanding its activities.
The Castle Rock, Colorado-based business made the decision to go with the name in the midst of the 2017 bull market. The miner was formerly known as Bioptix Inc., a company that made diagnostic tools for the biotech industry. Bioptix was previously known as Venaxis Inc.
The company's rebranding approach demonstrates a dedication to becoming the world's leading Bitcoin-driven infrastructure platform and calls for further broadening its commercial operations.
Riot remains dedicated to improving its expansion strategies across all of its developing, vertically integrated business segments. Whinstone U.S. and Riot will brand jointly under Riot Platforms, Inc. while Riot's electrical equipment manufacturing division will continue to operate under the ESS Metron brand to accommodate its long-standing customer base.
In a release, Jason Les, CEO of Riot Platforms, said:
"Our teams have built, and will continue to build, business platforms for further growth on the foundation of 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 strengthened our electrical component engineering and supply chain capabilities. The renaming more accurately represents our role as strategic capital allocators for expanding the scope of our Bitcoin-focused activities as the scope and scale of our businesses continue to grow."
Riot Platforms, one of the few mining firms, has been able to reduce energy costs and combat market challenges by establishing power purchase agreements that enable it to resell the electricity it has already purchased to the grid at a profit.
Over the past year, mining has become less profitable, and this summer, Stronghold Digital Mining even shifted the focus of its business to selling power generated by mining. At the same time that Core Scientific is filing for bankruptcy, they are also experiencing financial issues.