Riot Blockchain Records $ 31 Million In Bitcoin Mining Revenue, Up 1,540% From Same Period Last Year

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What happened: Nasdaq-listed Bitcoin (CRYPTO: BTC) mining company Riot Blockchain Inc (NASDAQ: RIOT) posted record revenue in the second quarter of 2021.

In a statement released on Monday, the company said its mining revenues rose 1,540% to a record $ 31.5 million in the second quarter, from $ 1.9 million during the same period in 2020.

This massive growth in Bitcoin mining revenue, coupled with a 70% increase in its mining revenue margin, enabled Riot to generate $ 19.3 million in net income in the second quarter of 2021. During the same period last year, Riot reported a net loss of $ 10.6. million.

With the successful acquisition of Whinstone US (Whinstone), the growth prospects of the company have been significantly reduced and the future financial opportunities are very attractive, said Jason Le, CEO of Riot, referring to the recent expansion of the company. in Texas.

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Riot is aggressively expanding its capacity at Whinstone, which is expected to provide the critical infrastructure needed to drive the continued growth of the company.

Whinstone alone accounted for $ 2.9 million in revenue for the quarter, although it was only operational for a month after the acquisition.

Price Action: After releasing its second quarter results, Riots shares jumped 7.6% on Monday to a price of $ 36.93 before closing at $ 35.73.

Meanwhile, Bitcoin had fallen below $ 50,000 at the time of publication. The market-leading digital asset traded hands priced at $ 49,300, losing around 2% in the past 24 hours.

The average price of BTC used to calculate Riots’ mining revenue in the second quarter of 2021 was around $ 46,600.

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