Bitcoin Miner Riot Blockchain Posts 1,540% Surge in Quarterly Revenue
Riot Blockchain, a prominent publicly traded Bitcoin mining company, has announced record revenues for the second quarter of 2021. The US-based company recorded $31.5 million in mining-linked revenues for the three-month period in its quarterly financial report on August 23 — an increase of approximately 1,540% over its Q2 2020 revenue of $1.9 million.
Mining revenue growth resulted in an unprecedented quarterly net profitability of $19.3 million. In comparison, the business lost $10.6 million in the 2Q2020. At the end of June 30, 2021, Riot has $195.4 million in cash and Bitcoin assets. The firm’s unaudited BTC balance was 2,687 BTC (about $132.6 million) as of July 31. Riot also announced a 38% rise in the overall amount of BTC mined in comparison with the earlier quarter, with 675 BTC generated against 491 BTC in Q1.
Riot Blockchain CEO Jason Les credited the firm’s stellar performance to its early April buyout of Whinstone US — the single biggest BTC mining centre headquartered in Texas — declaring, “Riot is aggressively expanding its potential at Whinstone, which is anticipated to offer the key infrastructure needed to effectively accomplish continued expansion of the business.”
Riot began a 400-megawatt upgrade at Whinstone in the second quarter, with four facilities totaling approximately 240,000 square feet presently under development. Riot paid $650 million for the site. Interestingly, Riot’s Bitcoin output increased by 80% in April compared with pre-halving thresholds.During the same month, the company expanded again, buying 42,000 Antminers from Bitmain. In reaction to the announcement, Riot’s stock rose 7.6% on Monday to $36.93, up from a closing of $34.32 on Friday.