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Riot Blockchain Reports Record Q2 Results
The bitcoin mining company reported revenue and sales results that beat analyst estimates for the second quarter.
Bitcoin mining company Riot Blockchain reported revenue rose to a record $34.3 million in the second quarter, up from just $1.9 million in the year-ago quarter. Net income came in at 22 cents per share versus a loss of 31 cents a share in the second quarter of 2020.
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- Analysts had been expecting revenues of $32.6 million for the quarter and adjusted earnings per share of one cent.
- Riot shares wererising 2.4% to $36.58 in after-hours trading Monday following the release of the results. They rose over 4% during the day as bitcoin prices rose above $50,000 earlier in the day for the first time in three months. Shares are up almost 117% year to date.
- Riot closed the acquisition of Whinstone in the quarter, helping create one of the largest hosting and mining companies in North America as measured by developed and future capacity.
- Earlier this month, Riot forecast that its new facility in Texas will lift its total hashrate capacity to 7.7 EH/s by the fourth quarter of 2022.
- Recent Securities and Exchange Commission filings revealed that asset management giant BlackRock owned a 6.6% stake in Riot, as well as a 6.7% stake in rival miner Marathon Digital, as of the end of the second quarter. Together, BlackRock's stakes in the two companies amounted to almost $400 million.
UPDATE (August 23, 20:55 UTC): Added information about Whinstone in the third bullet point.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
