{"id":329488,"date":"2021-08-24T08:12:43","date_gmt":"2021-08-24T05:12:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/riot-blockchain-reports-1540-increase-in-quarterly-revenue-from-bitcoin-mining\/"},"modified":"2021-08-24T08:12:43","modified_gmt":"2021-08-24T05:12:43","slug":"riot-blockchain-reports-1540-increase-in-quarterly-revenue-from-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/riot-blockchain-reports-1540-increase-in-quarterly-revenue-from-bitcoin-mining\/","title":{"rendered":"# Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining"},"content":{"rendered":"

“# Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining <\/strong>”
\n<\/p>\n

Major publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 2021.<\/p>\n

In its Aug. 23 quarterly financial report<\/a>, the U.S.-based firm reported $31.5 million in mining-related revenues for the three-month period \u2014 up roughly 1,540% from its Q2 2020 revenue of $1.9 million.<\/p>\n

The surging mining revenues drove a record quarterly net income of $19.3 million. By contrast, the company suffered a $10.6 million net loss for the second quarter of 2020.<\/p>\n

Riot held $195.4 million worth of cash and Bitcoin holdings as of June 30, 2021. As of July 31, the firm\u2019s unaudited BTC balance stood at 2,687 BTC (app<\/a>roximately $132.6 million).<\/p>\n

The firm also reported a 38% increase in the total number of BTC it mined compared to the previous quarter, with Riot generating 675 BTC compared to 491 BTC in Q1.<\/p>\n

Riot Blockchain CEO, Jason Les, attributed the firm\u2019s bumper results to its early April acquisition of Whinstone U.S. \u2014 the single largest BTC mining facility based in Texas, stating: <\/p>\n

\u201cRiot is aggressively expanding its capacity at Whinstone, which is expected to provide the critical infrastructure necessary to successfully execute on driving continued growth for the company.\u201d<\/p><\/blockquote>\n

During the second quarter, Riot initiated a 400-megawatt expansion at Whinstone with four buildings totaling around 240,000 square feet which are currently under construction. Riot purchased the facility for $650 million.<\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Four North American Bitcoin miners that could benefit from the East-West shift<\/em><\/strong><\/p>\n

In April, Cointelegraph reported that Riot\u2019s Bitcoin production had jumped 80% compared to pre-halving levels. The firm continued its expansion, purchasing a further 42,000 Antminers from Bitmain in that same month.<\/p>\n

In response to the news<\/a>, Riot’s shares bounced by 7.6% on Monday to $36.93 from Friday’s close of $34.32. <\/p>\n