Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining

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Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining

Main publicly-listed Bitcoin mining agency, Riot Blockchain, has reported document revenues for Q2 2021.

In its Aug. 23 quarterly monetary report, the U.S.-based agency reported $31.5 million in mining-related revenues for the three-month interval — up roughly 1,540% from its Q2 2020 revenue of $1.9 million.

The surging mining revenues drove a document quarterly internet revenue of $19.3 million. In contrast, the corporate suffered a $10.6 million internet loss for the second quarter of 2020.

Riot held $195.4 million value of money and Bitcoin holdings as of June 30, 2021. As of July 31, the agency’s unaudited BTC steadiness stood at 2,687 BTC (roughly $132.6 million).

The agency additionally reported a 38% increase in the full variety of BTC it mined in comparison with the earlier quarter, with Riot producing 675 BTC in comparison with 491 BTC in Q1.

Riot Blockchain CEO, Jason Les, attributed the agency’s bumper outcomes to its early April acquisition of Whinstone U.S. — the one largest BTC mining facility primarily based in Texas, stating:

“Riot is aggressively expanding its capacity at Whinstone, which is expected to provide the critical infrastructure necessary to successfully execute on driving continued growth for the company.”

Throughout the second quarter, Riot initiated a 400-megawatt growth at Whinstone with 4 buildings totaling round 240,000 sq. ft that are presently underneath development. Riot bought the ability for $650 million.

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In April, Cointelegraph reported that Riot’s Bitcoin production had jumped 80% in comparison with pre-halving ranges. The agency continued its growth, buying a additional 42,000 Antminers from Bitmain in that very same month.

In response to the information, Riot’s shares bounced by 7.6% on Monday to $36.93 from Friday’s shut of $34.32.