Riot Blockchain mined 508 BTC in the first half of the year

Riot Blockchain, the American mining company, сообщила, that in the first half of the year it mined 508 BTC (about $5.8 million at the time of writing).

In its second-quarter earnings report, the company noted that mining revenue in the first half of 2020 rose to $4.3 million from $3.8 million in the same period a year earlier.

In the second quarter the figure stood at $1.9 million versus $2.4 million in Q2 2019. The decline was due to downtime from moving capacity to Coinmint’s data centre in Massena, New York, which occurred in May, amid the halving and rising mining difficulty.

The company purchased in the second quarter 3,040 Antminer S19 and S19 Pro miners from Bitmain. At the time of the report Riot Blockchain had received and installed 1,432 next-generation ASICs. Two further shipments are expected in August and October.

With all paid-for equipment deployed worth $7 million, the company’s hashrate would rise by 129% versus the first quarter and reach about 566 PH/s, Riot Blockchain said.

For the first half, the company posted a net loss of $14.9 million ($10.6 million in the second quarter). The main cause was a 100% impairment of Coinsquare shares, the crypto-exchange in which Riot invested. Losses totaled $9.4 million, with $1.3 million allocated toward debt repayment.

As of June 30, the company had cash and crypto assets totaling $16.4 million.

Riot also noted that in the second quarter the SEC ceased its investigation into the company, which began in 2018.

Earlier in May, a US court dismissed a class-action suit by investors accusing the company of manipulating its own share prices.

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