Riot Blockchain Q1 Mining Revenue Skyrocketed up to 881% to $23.2M

Riot Blockchain, Inc. is a bitcoin mining company that supports the Bitcoin blockchain through rapidly expanding industrial-scale mining which is specifically focused within the US. The company is focused on expanding its operations by increasing its bitcoin mining hash rate while decreasing the costs associated with production.

Bitcoin’s hash rate refers to the amount of computing as well as processing power that is contributed to the network through mining. That being said, through specializing in this technology, Riot Blockchain reported a Q1 mining revenue increase of 881.1% up to $23.2 million.

Specifically, on Monday, they reported an increase in mining revenue margin to 67.5% for the three-month period which ended on March 31.

This was conducted in direct comparison to the 40.4% for the same three-month period the previous year. When we look at the stats, the total mined Bitcoin rose 62% on a sequential quarter-over-quarter basis, with 491 Bitcoin mined in Q1 compared to the 303 Bitcoin that was mined in the Q4 of 2020. When it comes to the average BTC price used to calculate this Q1 mining revenue, it was conducted at $46,700.

That being the case, Riot Blockchain acquired Whinstone US from Northern Data AG for $80 million in cash as well as 11.8 million shares of Riot stock at a total value of $651 million. This being the case, Whinstone was the owner as well as the operator of North America’s largest Bitcoin hosting facility with 300 MW in developed capacity and a long-term power purchase agreement.

Riot also indicated that it intends to achieve a hash rate capacity of 7.7 EH/s throughout Q4 of 2022, but this intention will be a possibility within the full deployment of its anticipated fleet of 81,146 Antminers which were acquired from Bitmain, out of which 95% are the latest generation S19 series models specifically made for miners. 

Keep in mind that Bitcoin has proven to be one of the biggest as well as one of the most volatile cryptocurrencies out there, so as its value changes, so will these statistics as well as future earnings. That being the case, it is still quite impressive how far Riot Blockchain, Inc. has managed to push this industry. Only time will tell what the future holds for cryptocurrencies, but whatever that may be, Riot Blockchain shows no signs of stopping its development as well as hash rate capacity improvement.