Riot Blockchain mined 730 BTC in the first nine months of 2020

Riot Blockchain, the Nasdaq-listed mining company, mined 730 BTC in the first nine months of 2020. The U.S. firm said this in its third-quarter earnings report.

Riot Blockchain Reports Third Quarter 2020 Financial Results, Recent Operational & Financial Highlights #Bitcoin https://t.co/5jt61t5fXw

— Riot Blockchain (@RiotBlockchain) November 9, 2020

Mining revenue for the period reached $6.7 million, up 21% from the first three quarters of the previous year. The gross margin, which Riot calculates as revenue minus costs (excluding depreciation and amortisation), rose to 38.2%, up from 18.5% a year earlier.

The company noted that these results were achieved despite downtime related to moving mining capacity to the Coinmint data centre in the second quarter, the halving, and growth in Bitcoin’s hash rate over the year.

Year-to-date, the company’s working capital rose from $9.3 million to $39.3 million.

Total stockholders’ equity stood at $60.7 million as of 30 September 2020, up from $26.2 million on 31 December 2019.

From July through November, the company has placed and installed 3,040 Antminer S19 and S19 Pro miners from Bitmain. As a result, Riot Blockchain’s hash rate rose to 566 PH/s.

In the third quarter, the company entered into contracts to purchase a total of 15,600 Antminer S19 Pro units. In combination with deliveries under other agreements with Bitmain, Riot expects to deploy 22,640 miners of the next generation by July 2021, with a total hash rate of 2.3 EH/s.

Earlier in the year, Riot Blockchain mined 508 BTC.

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