Riot Blockchain Post Records Quarterly Revenue Due To Bitcoin Mining

riot blockchain
riot blockchain

Riot Blockchain, one of the largest publicly-listed mining firms for Bitcoin, has published record revenues for the second fiscal quarter of 2021. The financial report was published on 23rd August.

Massive Influx Reported By Riot Blockchain

Riot Blockchain is a firm based out of the United States. $31.5Mn was reported as revenues that were related to mining in three months. This is an estimated 1,540% increase from the company’s reported revenue in the second financial year of 2020. The 2020 Q2 revenue was $1.9Mn.

The surge in mining revenues of Riot Blockchain had resulted in an all-time high net income for a financial quarter, standing at $19.3Mn. By contrast, in Q2 2020, the company had reported a loss of $10.6Mn.

On 30th June 2021, the total amount of Bitcoin holdings and cash held by Riot Blockchain was reported to be worth $195.4Mn. By 31st July, the unaudited Bitcoin balance of the firm was estimated to be 2,687BTC. This translates to about $132.6Mn.

Riot Blockchain had also stated that they had seen an increase of 38% in the number of Bitcoins it mined in totality, in comparison with the numbers from the last quarter. In the first financial quarter, the firm had generated 491 BTC. In the latest quarter, it had generated 675 BTC.

Jason Les, the CEO of the firm, attributed the bumper results of the firm to its Whinstone U. S. acquisition. The acquisition had happened earlier in April. Whinstone U.S. is the single biggest mining facility of Bitcoin that is located in Texas.

In the second financial quarter, Riot Blockchain had started an expansion of 400 MW at the Whinstone facility. Four buildings are being constructed with a total area of about 240,000 sq. ft. The purchase price of the facility was $650Mn.