Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining

[Doan9269]

Riot one of the major Bitcoin mining firm has recorded a tremendous success in the second quarter of 2021, recall in second quarter of 2020 the company experienced $10.6 million net loss while in first quarter of this year mined 491 BTC and 675 BTC in the second quarter. As below is their statistic analysis.

Major publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 2021.

In its Aug. 23 quarterly financialreport, the U.S.-based firm reported $31.5 million in mining-related revenues for the three-month period — up roughly 1,540% from its Q2 2020 revenue of $1.9 million.

The surging mining revenues drove a record quarterly net income of $19.3 million. By contrast, the company suffered a $10.6 million net loss for the second quarter of 2020.

Riot held $195.4 million worth of cash and Bitcoin holdings as of June 30, 2021. As of July 31, the firm’s unaudited BTC balance stood at 2,687 BTC (approximately $132.6 million).

The firm also reported a 38% increase in the total number of BTC it mined compared to the previous 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 U.S. — the single largest BTC mining facility based in Texas, stating:

“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.”
During the second quarter, Riot initiated a 400-megawatt expansion at Whinstone with four buildings totaling around 240,000 square feet which are currently under construction. Riot purchased the facility for $650 million.

In April, Cointelegraph reported thatRiot’s Bitcoin production had jumped 80% compared to pre-halving levels. The firm continued its expansion, purchasing afurther 42,000 Antminers from Bitmain in that same month.

In response to the news, Riot's shares bounced by 7.6% on Monday to $36.93 from Friday's close of $34.32.

Source:
https://cointelegraph.com/news/riot-blockchain-reports-1-540-increase-in-quarterly-revenue-from-bitcoin-mining

[coupable]

I have two notes :
- After the halving, many mining companies (Pools in particular) stopped running in addition to solo miners who left mining. This doesn't mean that bitcoin mining isn't a profitable activity anymore but it becomes limited to big campanies.
- The increase in the btc mining revenue can be also the result of the large adoption of bitcoin worldwide so an increase in the number of transactions especially before and after the btc ATH .+

[mk4]

1. Bitcoin's price rose significantly
2. The drop in hashrate(hence the difficulty adjustment) due to the China mining ban

Things surely have greatly aligned for them this year, huh?

[jackg]

I'm a bit surprised they're saying how much they're aggressively acquiring more equipment now, afaik the point where you make an unexpected amount of money is the one you pull out for a while and see what's happening - unless the China mining ban is here to stay.

That being said, I think we can expect bitcoin's blockchain to become a lot more secure (get additional hashing power behind it) as a result of the hype from this.