Bitcoin (BTC) mining company Riot Blockchain reports record Q2 results

Tue 24 Aug 2021 ▪ 9h54 ▪ 2 min de lecture - par Siobhan Jones

Bitcoin mining company Riot Blockchain reports record Q2 results for the current year. According to FXStreet, the company generated $34.3 million (24.9 million) in revenue from cryptocurrency sales. Over the same period last year, revenues did not exceed $1.9 million (~£1.4 million). Net profit is ¢22 per share. Contrast this with a ¢31 drop in 2020.

Beating expectations

The figures beat analysts’ expectations, who had argued that revenue would not exceed $32.6 million (~£23.7 million) and earnings per share would be around ¢1.

Shares of Riot Blockchain rose 2.4% after the quarterly report and were worth $36.58 at the market close on Monday. They were up more than 4% during the day, as BTC had previously surpassed the $50,000 level for the first time in three months. Since the start of 2021, the company’s shares have risen nearly 117%.

In Q2 Riot completed a deal to acquire Whinstone. This created one of the largest hosting and mining companies in North America. In August this year, Riot Blockchain announced that the new Texas-based facility would increase the firm’s total available hash rate capacity to 7.7 EH/s by the end of 2022.

Reports for Q2 of 2021 from the US Securities and Exchange Commission (SEC) indicate that international investment firm BlackRock owns 6.6% of Riot’s shares. It also holds a 6.7% stake in rival miner Marathon Digital. The stakes in the two companies give Black Rock almost $400 million (~£291 million).

So the mining company is showing a positive trend in the market compared to the previous year. This is also supported by Bitcoin’s rise. Let’s see where the market goes.

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Siobhan Jones

Hi everyone, thanks for reading my article! Join me on my journey to crypto enlightenment, we can always learn something new from each other – no one person has all the knowledge in the world.

DISCLAIMER

Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.

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