Riot Blockchain Reported 2nd Quarter Revenue From Bitcoin Mining Up 1,540%

Publicly listed Bitcoin mining company on the US stock exchange Riot Blockchain has reported record revenue for the second quarter of 2021.
In its quarterly financial report published August 23, Riot reported $31.5 million in Bitcoin mining revenue for the quarter — an increase of about 1,540 percent from $1.9 million in revenue in Q2 of the year. 2020.

Soaring mining revenue delivered a record quarterly net income of $19.3 million. Prior to that, the company had a net loss of $10.6 million in Q2 2020.

According to the Q2 financial report closed on June 30, Riot is holding $195.4 million worth of cash and BTC. As of July 31, the company’s unaudited BTC balance stands at 2,687 BTC, around $132.6 million.

The company also reported a 38% increase in total BTC mined QoQ, with Riot mining 675 BTC compared to 491 BTC in Q1.

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CEO Jason Les attributes the company’s impressive results to the acquisition of the Whinstone U.S. mining farm. in early April for $650 million.

In Q2, Riot began a 400 megawatt expansion at Whinstone with four buildings totaling approximately 220,000 square feet currently under construction.

In April, the company purchased an additional 42,000 Antminers from Bitmain in the same month.

Responding to the positive news, shares of Riot jumped 7.6% Monday to $36.93 from last Friday’s close of $34.32.