Riot Delays Filing With SEC – 242

Foreign Miner Riot delayed their 10K filing due To impairment calculation issues the Delay followed a similar move earlier This week by Marathon digital Bitcoin miner Riot platforms delayed the Filing of its annual 10K Report with the Securities and Exchange Commission due To issues raised by its accounting firm About the company's impairment Calculations related to its Bitcoin Assets clip after assessing the impact Of its revised impairment assessment Methodology the registrant determined That material errors in certain of its Financial statements and reports Resulted so here we go that was what Riot wrote in its SEC filing on Thursday Specifically Riot said its previously Issued financial statements for 2022 2021 and 2020 contained material errors And should not be relied upon for those Reasons Riot said it needed additional Time to complete its 10K and it has Since done so and filed its report for 2022 shares of Riot were down 2.4 Percent in after hours trading on Thursday earlier this week fellow minor Marathon digital said it would need to Restart a portion of its audited 2021 Results and unaudited quarter reports From 2022 following an inquiry from the SEC that questioned its method of Calculating impairment on digital assets

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Marathon has previously been scheduled To release its 2022 Q4 results after the Close of trading on Tuesday but now has Postponed that the suffice to say I Think like when we look at this stuff it Is important to give these companies a Little bit of leeway when it pertains as It pertains to the massive shifts within The market that have taken place over 2022 and the way that's going to change Value of not only the cryptocurrency as It shows on the books but also of the Equipment as well as what was required In power cost Etc and because of the Shifting nature the increase in Pro of Course power costs and the decrease in The value of the equipment it can be Extremely difficult to file these types Of things so to a certain extent I Understand stand especially at that Level you're probably looking at and Going where can we find the best you Know deal for everybody involved being a Public company as a minor is also Extremely dangerous I think at this like From the nature of the way Bitcoin Operates and it's actually kind of Falls In line in my humble opinion with the Kind of the Inception and the reason for Bitcoin in the first place fundamentally Because what we're seeing is is is Essentially a an industry that is Incompatible with the current uh The Current financial institutions and

Because of the way the having cycle Impacts these companies as they approach It from a general you know archaic Financial institution perspective that It's not working which is kind of funny If you really think about it at the very From the very get-go I think when you Approach cryptocurrency currency in General if you're going to try to Integrate it with traditional the Traditional financial institutions I Think that you are going to have to have A completely different strategic Platform than you would in a different Industry or a more standard industry let Me get some water because we kind of Hiccuped there today's sponsor is BT Miners BT miners has been a long time Sponsor of the channel and a proven Reliable source for Asic miners if You're looking to purchase Asics Hardware from Bitcoin to Dogecoin miners They are available for purchase on BT miners is a trusted Source by both and follow the affiliate Link in the description and tell them so Sent you to support the channel So I think What you'll start to see in crypto Companies are specialized individuals on The boards Etc that are familiar with Cryptocurrency and how it functions Specifically how it pertains to the

Having cycle I'm going to drive this Home the having cycle is here to stay For at least another 12 years I talked More in depth about this of course in my E-course because this is extremely Important to understand if you're Getting into the industry that you have A four-year cycle based around the Bitcoin mining having and because of That reduction reward until that Reduction of that reward brings the Price of newly mintable Bitcoin to the Same level as the fees per block you are Going to see basically this having cycle Wreak havoc on traditional financial Institutions once it's stabled out then We get to the point of it actually being In a position where we start to see it Adopted across the board and probably What I would consider to be the fight of The finalization of the digital Transformation now that's provided Bitcoin is the chosen path for of course The digital transformation there are Plenty of other passes this could take If another cryptocurrency took hold of That and operated completely differently Or of course Central Bank digital Currencies which could take over and put The power back in the hands of the Nation states and probably push us Towards more modern monetary policy and All of that of course I've covered in The past and we could get into depth of

What that means but essentially It but to not elaborate too far on this But also give you an idea when I refer To the modern monetary policy I'm Talking about something similar to what China is doing with the digital one Where we end up with policies that are Meant to spur on spending By ignoring The ability for people to save for Future Generations or even for Retirement right because at the end of The day modern monetary policy is Dependent on essentially printing as Much money as possible and continuing to Circulate to stimulate the economy a way That that is being introduced of course With the digital wand will be an Expiration of that one uh based on Usually a 30-day cycle meaning if you Get paid you know monthly you're gonna Have 30 days to spend that money or it Will basically be burned it's a big old Ponzi scheme run by traditional finance That you know they're adopting Essentially the scammiest parts of Cryptocurrency which we've talked about Before the hexes the safe moons that Sort of thing and it's funny that you See regulation coming down like the SEC Etc or even funnier from the UK because They plan to adopt of course what the Digital lawn is doing where they talk About these being Securities but then For their own specific digital

Currencies are copying this platform so You know it's it's uh it's hypocritical But at the same time when we look at you Know the way that that we are being Gaslit by the government and those in Power it's it's not outside the realm of Possibilities thanks for checking out This clip from the crypto mining show You can check out the full episode here Or more crypto content down here also I'd like you to check out my locals page At son of a where you Can become a member for free or choose To be a five dollar a month supporter That unlocks additional content

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