Publicly traded bitcoin mining company Riot Blockchain reported earnings for the September period Monday, noting a significant increase in revenue and hash power from a year ago, with plans for continued expansion.
- Reporting over $2.4 million in mining revenue, the Castle Rock, Colo.-based mining firm increased revenue by 42% from the same period in 2019. The company's mining revenue clearly benefited from a 15% increase in the price of bitcoin during the Q3 in addition to its increased hash power.
- Riot reported a current mining capacity of 556 peta hash per second (PH/s), meeting its goal set in its Q2 earnings release, which represents a 450% increase from its Q3 2019 hash power of 101 PH/s.
- Riot plans to continue aggressively expanding its mining operations, per its earnings report, through four purchase agreements with mining manufacturer Bitmain for a total of 16,600 S19-Pro machines. The firm expects incremental delivery and deployment of its new machines through the end of Q2 2021.
- Concurrent with an increase in mined bitcoin and the leading cryptocurrency’s 114% year-to-date rally, Riot’s cryptocurrency corporate liquidity grew from $7.2 million in Q2 to $9 million in Q3. Its cash reserves ballooned from $9.1 million to $30.1 million over the same period.
- Riot shareholders enjoyed the lowest quarterly loss per share since the company first fully deployed its cryptocurrency mining hardware in Q2 2018. The loss per share dropped to $0.04 in Q3, a 50% improvement from a loss per share of $0.08during the same period last year.
- Riot shares were trading hands at $3.50 at Monday's close, up 32% from the start of Q4. They've risen more than 200% year to date.
Update (November 9, 4:27 UTC): This article has been updated to reflect 222 bitcoins mined in the Q3, not 224 as was previously reported.
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