BlackRock backed crypto mining company sees record Q2 results

Nasdaq-listed Riot Blockchain saw mining revenue surge to $31.5m in Q2 of 2021, up 1,540 per cent compared to the same period last year.

Shareholders, including asset management giant BlackRock which has a 6.6 per cent stake in the company, were treated to record net income of $19.3m or $0.22 per share. The results made a welcome change from Q2 2020, when the company ran a net loss of $10.6m or -$0.31 per share.

“We are extremely pleased with Riot’s record quarterly financial results,” said Jason Les, Riot’s CEO. “The Company’s improved financial results are a direct result of Riot’s absolute focus on Bitcoin mining and growing its mining operations.”

Total mined bitcoin jumped by 38 per cent between Q1 of 2021 and Q2. While 491 BTC were mined in the first three months of the year 675 BTC were generated in Q2.

The company has plans to keep the expansion going. Riot Blockchain recently purchased a 240,000 square foot site in Whinstone, Texas, laying the groundwork for the company to become one of the largest hosting and mining outfits in North America.

With the addition of new space Riot is planning to expand its fleet. While Riot’s current hash rate is 2.07 exahash per second (EH/s) by early September the company anticipates it will have a total of 25,946 Antminers in operation, with a hash rate of 2.6 EH/s.

Riot’s share price is up 0.21 per cent in the past 24 hours.

Read more: BlackRock flexes shareholder muscle and ups votes against company management

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