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Bitcoin mining firm Riot Blockchain posts record quarterly net income for Q2 2021

Crypto mining revenues also spiked by 1,540 percent to $31.5 million for the second quarter this year.

Image by WorldSpectrum from Pixabay

Tue, 24 Aug 2021, 07:53 am UTC

With China’s ban on Bitcoin mining, most North American crypto mining firms have been reporting vastly improved second-quarter performance recently. For instance, Riot Blockchain revealed that its crypto-mining activities generated a record quarterly net income for Q2 2021.

According to its quarterly financial report released on August 23, Riot Blockchain posted a record income of $19.3 million ($0.22 per share) for the three-month period ended June 30, 2021. The figure represents a massive improvement compared to its previous year’s performance where the Bitcoin mining firm reported a net loss of $10.6 million for the same period in 2020.

Crypto mining revenues also spiked by 1,540 percent to $31.5 million for the second quarter this year. For comparison, Riot only reported $1.9 million in mining revenues for Q2 2020. The company used $46,600 for BTC’s price used to calculate its revenues.

The company also reported a 38 percent sequential quarter-over-quarter increase in the number of Bitcoin mined. Riot mined 675 BTC for the second quarter, an increase of 184 coins from the 491 BTC it mined in the first quarter this year.

“We are extremely pleased with Riot’s record quarterly financial results,” Riot Blockchain CEO Jason Les said. “The Company’s improved financial results are a direct result of Riot’s absolute focus on Bitcoin mining and growing its mining operations.”

The company also increased its total revenues to $34.3 million for the second quarter, an increase of 1,705 percent compared to its total revenue of $1.9 million for the same period last year.

Aside from Bitcoin mining, Riot Blockchain also generates revenues from data center hosting with its recent acquisition of Whinstone. The company reported $2.9 million in revenue during the one-month post-acquisition period from its data center hosting business.

“With the successful acquisition of Whinstone US (Whinstone), the Company’s growth prospects have been significantly de-risked, and future financial opportunities are very exciting,” the CEO added. “As previously announced, 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.”

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