Riot Blockchain boosted bitcoin production by about 38% in Q2

The Nasdaq-listed mining company Riot Blockchain, for the April–June period, posted a record net income of $19.3 million. During the quarter, it mined 675 BTC, up from 491 BTC in January–March.

Riot Blockchain Reports Record Second Quarter 2021 Financial Results — Increased mining revenue by 1,540% to a record $31.5 million & produced record net income of $19.3 million for 3 month period ending 6/30 #bitcoinmining #riotblockchain #bitcoin https://t.co/CcPgoUWHci

— Riot Blockchain (@RiotBlockchain) August 23, 2021

The mining company’s revenue reached $31.5 million. In the second quarter of 2020 the figure stood at $1.9 million, with net loss for the period of $10.6 million.

As of 31 July, Riot Blockchain held 2,687 BTC (about $133 million) on its balance sheet. For the first half of the year, the company valued cash and cash equivalents at $195.4 million.

«Riot actively expands the capacities acquired from the Whinstone infrastructure provider in April. It will play a critically important role in the company’s future growth», — said Jason Les, CEO of the company.

During the second quarter, Riot Blockchain began increasing capacity at the Whinstone site by 400 MW, with capacity now put at 750 MW.

During the period the company received 9,900 Antminer S19 Pro units from Bitmain under contracts signed in 2020. By early July, 7,500 units were in the process of installation.

The equipment fleet reached 16,146 ASIC miners, with a hashrate of 2.07 EH/s. By early September, Riot’s management expects to lift these figures to 25,946 ASIC miners, with 83 MW of power and 2.6 EH/s.

In August it emerged that BlackRock completed the acquisition of 6.61% of Riot Blockchain’s shares for $175 million.

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