Nasdaq-listed mining company Riot Blockchain (NASDAQ: RIOT) reported Q1 mining revenue increased by 881.1% to $23.2 million.
- Riot Blockchain reported on Monday an increase in mining revenue margin to 67.5% for the three-month period ended March 31, compared to 40.4% for the same three-month period last year.
- The company reports total mined bitcoin rose 62.0% on a sequential quarter-over-quarter basis, with 491 bitcoin mined in Q1 compared to 303 BTC mined in the Q4 of 2020. The average BTC price used to calculate Riot's Q1 mining revenue was approximately $46,700.
- Riot Blockchain reported Q1 net income of $7.53 million, or 9 cents a share, compared with a net loss of $4.28 million, or 15 cents, in the year-earlier period.
- In April, Riot Blockchain acquired Whinstone US from Northern Data AG for $80 million cash and 11.8 million shares of Riot stock at a total value of $651 million. Whinstone was the owner and operator of North America’s largest Bitcoin hosting facility, with 300 MW in developed capacity and a long-term power purchase agreement
- Riot said it sees achieving a total hash rate capacity of 7.7 EH/s during Q4 2022, assuming full deployment of its anticipated fleet of about 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners.
Read more: Riot Blockchain Acquires Whinstone’s Texas Bitcoin Mining Operations