Bitcoin mining firm Riot Blockchain posts record quarterly net income for Q2 2021
Crypto mining revenues additionally spiked by 1,540 % to $31.5 million for the second quarter this yr.
With China’s ban on Bitcoin mining, most North American crypto mining companies have been reporting vastly improved second-quarter efficiency lately. For occasion, Riot Blockchain revealed that its crypto-mining actions generated a record quarterly net income for Q2 2021.
According to its quarterly monetary report launched on August 23, Riot Blockchain posted a record income of $19.3 million ($0.22 per share) for the three-month interval ended June 30, 2021. The determine represents a large enchancment in comparison with its earlier yr’s efficiency the place the Bitcoin mining firm reported a net lack of $10.6 million for the identical interval in 2020.
Crypto mining revenues additionally spiked by 1,540 % to $31.5 million for the second quarter this yr. For comparability, Riot solely reported $1.9 million in mining revenues for Q2 2020. The firm used $46,600 for BTC’s worth used to calculate its revenues.
The firm additionally reported a 38 % sequential quarter-over-quarter enhance within the variety of Bitcoin mined. Riot mined 675 BTC for the second quarter, a rise of 184 cash from the 491 BTC it mined within the first quarter this yr.
“We are extraordinarily happy with Riot’s record quarterly monetary outcomes,” Riot Blockchain CEO Jason Les mentioned. “The Company’s improved monetary outcomes are a direct results of Riot’s absolute give attention to Bitcoin mining and rising its mining operations.”
The firm additionally elevated its whole revenues to $34.3 million for the second quarter, a rise of 1,705 % in comparison with its whole income of $1.9 million for the identical interval final yr.
Aside from Bitcoin mining, Riot Blockchain additionally generates revenues from information middle internet hosting with its latest acquisition of Whinstone. The firm reported $2.9 million in income in the course of the one-month post-acquisition interval from its information middle internet hosting enterprise.
“With the profitable acquisition of Whinstone US (Whinstone), the Company’s progress prospects have been considerably de-risked, and future monetary alternatives are very thrilling,” the CEO added. “As beforehand introduced, Riot is aggressively increasing its capability at Whinstone, which is anticipated to supply the important infrastructure essential to efficiently execute on driving continued progress for the Company.”
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