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Nasdaq-listed bitcoin mining company Riot Blockchain (NASDAQ: RIOT) reported that its mining revenue soared almost 10-fold to $23.2 million during the first quarter.
Riot Blockchain also reported in a 10-Q filing with the U.S. Securities and Exchange Commission that margins from its mining operations were 67.5% in the first quarter, compared with 40.4% in the same period last year.
The company said total mined bitcoin rose 62% in the first quarter from the fourth quarter of 2020, with 491 bitcoin mined in the first quarter, compared with 303 BTC mined in the previous period. The average BTC price used to calculate Riot’s first-quarter mining revenue was about $46,700.
Riot Blockchain reported first-quarter net income of $7.5 million, or 9 cents a share, compared with a net loss of $4.3 million, or 15 cents a share, in the year-earlier period.
In April, Riot Blockchain acquired Whinstone US from Northern Data AG for $651 million in stock and cash. Whinstone was the owner and operator of North America’s largest bitcoin hosting facility, with 300 megawatts in developed capacity and a long-term power purchase agreement.
Riot said it sees achieving a total hashrate capacity of 7.7 EH/s in the fourth quarter of 2022, assuming full deployment of its expected fleet of about 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners.