Aug 11, 2020 at 12:51 UTCUpdated Aug 11, 2020 at 20:05 UTC
Bitcoin mining machines (Mark Agnor/Shutterstock)
Castle Rock, Colo.-based cryptocurrency miner Riot Blockchain reported earnings for the June quarter Monday, noting a decrease in mining revenue from a year ago.
- The company mined 227 bitcoins in the second quarter of 2020, down 28% from 2019 when Riot reported 316.19 mined bitcoins. In 2019, Riot switched to mining bitcoin exclusively, said Jeff McGonegal, CEO of Riot Blockchain. Previously, the company also mined litecoin and bitcoin cash.
- Quarterly mining revenue from mining was $1.9 million, down nearly 20% from a year ago when the company reported $2.4 million in quarterly mining revenue.
- “We’re strong believers in the macroeconomic fundamentals underlying bitcoin,” McGonegal said in email correspondence with CoinDesk.
- Riot reported a current mining capacity of 357 petahash per second, up more than 250% from 101 petahash per second last year.
- Despite an increase in mined bitcoin and the cryptocurrency’s more-than-200% rally from March lows, Riot’s cash and cryptocurrency corporate liquidity dropped from $18 million last year to $16.4 during the June 2020 quarter.
- Riot shares were trading hands at $4.12 at Monday’s close, down 3% from the daily open. They’ve risen 40% since August 1.
Update (August 11, 19:56 UTC): This article has been updated to reflect 227 bitcoins mined in the Q2, not 508 as was previously reported. Current mining capacity was also updated to 357 petahash per second instead of 556.
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