Riot Reports Record Mining Revenues For Q2 2021.

Riot Reports Record Mining Revenues For Q2 2021.

2021-08-24 | Mike Hallen

Riot Reports Record Mining Revenues For Q2 2021.

Renowned publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 this year. Within its 23rd Aug. quarterly financial report, the United States-based firm reported $31.5 Mln in mining-related revenues for the 3-month period - up roughly 1,540% from its Q2 last year revenue of $1.9 Mln. The surging mining revenues drove a record quarterly net of $19.3 Mln. Against thisthe firm suffered a $10.6 Mln net loss for the second quarter of last year. Riot held $195.4 Mln worth of money and Bitcoin holdings as of 30th June, this year. As of 31st July, the firm’s unaudited BTC balance stood at 2,687 BTC [approximately $132.6 Mln]. The firm also reported a 38% increase within the total number of BTC it mined compared to the earlier quarter, with Riot generating 675 BTC compared to 491 BTC in Q1. Riot Blockchain CEO, Jason Les, attributed the firm’s bumper results to its early April acquisition of Whinstone United States - the only leading BTC mining facility based in Texas, outlining:
“Riot is aggressively expanding its capacity at Whinstone, which is predicted to offer the critical infrastructure necessary to successfully execute on driving continued growth for the firm.”
Within the second quarter, Riot initiated a 400-MegaWatts expansion at Whinstone with four buildings that sum to around 240k square feet which are presently under construction. Riot purchased the space for $650 Mln. Earlier in April, Riot’s Bitcoin production had jumped 80% compared to pre-halving levels. The firm continued its expansion, purchasing additional 42k Antminers from Bitmain therein the same month. In response to the news, Riot's shares bounced by 7.6% earlier on Monday to $36.93 USD from Friday's close of $34.32 USD.

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