Riot Blockchain, a major publicly traded Bitcoin mining company, has claimed record sales for the second quarter of 2021 to be netted at $19.3 million.
The U.S.-based company recorded $31.5 million in mining-related revenues for the three-month period in its quarterly financial report on Aug. 23, up about 1,540 percent from its Q2 2020 revenue of $1.9 million.
Mining revenues soared, resulting in a quarterly net income of $19.3 million, a new high. The corporation, on the other hand, lost $10.6 million in the second quarter of 2020.
Riot’s cash and Bitcoin assets were $195.4 million as of June 30, 2021. The firm’s unaudited BTC balance was 2,687 BTC (about $132.6 million) as of July 31.
Riot also claimed a 38% rise in the overall number of BTC it mined compared to the previous quarter, with 675 BTC generated versus 491 BTC in Q1.
Jason Les, CEO of Riot Blockchain, attributed the company’s strong performance to its early April acquisition of Whinstone U.S., the world’s largest Bitcoin mining operation based in Texas, saying:
“Riot 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.”
Riot began a 400-megawatt expansion at Whinstone in the second quarter, with four buildings totalling roughly 240,000 square feet now under development. Riot paid $650 million for the facility.
Riot’s Bitcoin production had increased by 80 percent since the pre-halving, according to Cointelegraph in April. In the same month, Bitmain sold the company another 42,000 Antminers, completing its growth.
Riot’s stock jumped 7.6% from Friday’s close of $34.32 to $36.93 on Monday as a result of the news.
