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Riot Blockchain's Q1 Mining Revenue Rose 881% to $23.2M
The company reported total mined bitcoin rose 62% from the previous quarter.
Nasdaq-listed bitcoin mining company Riot Blockchain (NASDAQ: RIOT) reported that its mining revenue soared almost 10-fold to $23.2 million during the first quarter.
STORY CONTINUES BELOW
- Riot Blockchain also reported in a 10-Q filing with the U.S. Securities and Exchange Commission that margins from its mining operations were 67.5% in the first quarter, compared with 40.4% in the same period last year.
- The company said total mined bitcoin rose 62% in the first quarter from the fourth quarter of 2020, with 491 bitcoin mined in the first quarter, compared with 303 BTC mined in the previous period. The average BTC price used to calculate Riot's first-quarter mining revenue was about $46,700.
- Riot Blockchain reported first-quarter net income of $7.5 million, or 9 cents a share, compared with a net loss of $4.3 million, or 15 cents a share, in the year-earlier period.
- In April, Riot Blockchain acquired Whinstone US from Northern Data AG for $651 million in stock and cash. Whinstone was the owner and operator of North America’s largest bitcoin hosting facility, with 300 megawatts in developed capacity and a long-term power purchase agreement.
- Riot said it sees achieving a total hashrate capacity of 7.7 EH/s in the fourth quarter of 2022, assuming full deployment of its expected fleet of about 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners.
Read more: Riot Blockchain Acquires Whinstone’s Texas Bitcoin Mining Operations
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
