Riot Blockchain reports 1,540% revenue growth in Q2 2021

The American mining company Riot Blockchain in the II quarter of 2021 received revenue of $ 31.5 million, which is 1,540% more than in the same period last year.

V
report Riot Blockchain reportedly posted a net profit of $ 19.3 million thanks to increased profits from Bitcoin mining, while in Q2 2020 the company reported a loss of $ 10.6 million.

As of June 30, Riot Blockchain’s assets – cash and bitcoins – were estimated at $ 195.4 million.As of July 31, the company had 2,687 BTC in its wallets, which at the current exchange rate is about $ 133 million.

Due to the bans on mining in China, the hashrate of the Bitcoin network has dropped significantly, which allowed miners from other countries to mine much more BTC. In Q2 2021, Riot Blockchain mined 675 BTC, which is 38% more than in Q1.

An aggressive business expansion also boosted revenue and earnings growth, with the company announcing the takeover of rival Whinstone in April. The deal is estimated at $ 651 million. In addition, Riot Blockchain purchased 42,000 Antminer S19j ASIC miners.

The largest asset management company is also interested in the success of Riot Blockchain. Recently it became known that BlackRock bought 6.61% of Riot Blockchain for $ 176 million.