Riot Blockchain, one of the largest crypto mining companies, has just announced it has changed its name to Riot Platforms in order to emphasize the "growing diversification" of its operations.
Jason Les, CEO of Riot Platforms, has said:
"Riot’s rebranding underpins the Company’s growth strategy to continue expanding its increasingly diversified business operations and reflects a renewal of its corporate vision to become the world’s leading Bitcoin-driven infrastructure platform."
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Hosting provider Applied Digital, formerly known as Applied Blockchain, made a similar decision in November. The company said it made the decision out of a desire to diversify.
It is worth noting that some companies have even shifted their focus to other areas. For example, in August, Stronghold Digital Mining focused on selling electricity to the grid.
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Riot Blockchain mined a record 521 BTC during November and increased its hashrate to its peak of 7.7 EH/s.