Riot Blockchain, the leading publicly-listed Bitcoin mining firm recently reported the record revenue for the second quarter of 2021. When its quarterly financial report was released on August 23, the American company reported mining revenue of $31.5 million over three months. This is about 1540% more from its second-quarter report in the year 2020 which was $1.9 million. Moreover, the growth in mining revenue generated a record quarterly net income of $ 19.3 million.
In contrast, the mining company also reported a net loss of $10.6 million in the second quarter of 2020. As of June 30, 2021, Riot Blockchain held $195.4 million worth of cash and Bitcoin holdings. Furthermore, the company’s unaudited BTC balance is now 2,687 BTC which is roughly $132.6 million as of July 31. Also, the bitcoin mining firm reported a 38% increase in total bitcoins mined on a quarterly basis. Riot Blockchain generated 675 BTC which is up from 491 BTC in the first quarter. Jason Les, the CEO of Riot Blockchain, linked the company’s stellar results to the acquisition of Whinstone U.S. in early April. It is the largest BTC mining venture based in Texas. To this he said:
“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.”
Riot Expanding Whinstone
In the second quarter, Riot began an expansion of 400 megawatts at Whinstone. It added four buildings that are under construction, thus totaling approximately 240,000 square feet. Riot Blockchain acquired this facility for $650 million. It was earlier seen that the firm’s Bitcoin production was up 80% from the previous levels.
Riot continued to expand, purchasing another 42,000 Antminers from Bitmain in the same month. After the news was out, the shares belonging to Riot jumped 7.6% on Monday to $36.93 from Friday’s close of $34.32.
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