The crypto market may have tanked recently, but that didn’t stop digital currency mining company Riot Blockchain (RIOT) from recording a whopping 881% jump in its first-quarter mining revenue. Riot Blockchain announced that its first-quarter revenue jumped from $1.5 million in the prior-year period to $23.2 million this year. (A lot of the gain comes from the cryptocurrency mining segment, where its mining revenue soared up to $17.8 million, an increase of 1,073% in the current period, compared with $1.4 million in the prior-year period.)
The company’s mining segment, which consists of mining cryptocurrencies using high-performance computer equipment, generated $23.2 million in revenue in the first quarter of 2018, up from $0.7 million in the same period of 2017, a 881% increase. The total not only comprised nearly all of the company’s revenue for the quarter, but the company also generated positive operating cash flow from its mining operations for the first time ever, at $1.8 million in the first quarter of 2018.
The blockchain technology and the nascent crypto economy seem to be advancing at a rapid pace that is almost incomprehensible. For instance, the most recent quarterly results of the blockchain data mining company Riot Blockchain Inc. (NASDAQ:RIOT) showed that the company’s revenue skyrocketed 881% to $23.2 million as compared to the same quarter a year ago. If I was asked to bet on which company’s next quarterly report will show a similar increase. There is no doubt in my mind that the answer would be Riot Blockchain Inc.</p Riot Blockchain, Inc. is a bitcoin mining company that supports the bitcoin blockchain through rapid mining on an industrial scale, specifically focused on the United States. The company is looking to expand its business by increasing the hash rate of bitcoin mining while reducing production costs. The bitcoin hash rate refers to the amount of computing power made available to the network by mining. Meanwhile, Riot Blockchain, which specializes in the technology, reported an 881.1% increase in mining revenue in the first quarter to $23.2 million. Specifically, the company announced Monday an increase in the margin on mining revenue to 67.5% for the three months ended December 31. March. This is directly comparable to the 40.4% recorded in the same quarter last year. A look at the statistics shows that the total number of bitcoins mined has increased by 62% compared to the previous quarter: 491 bitcoins were mined in Q1, compared to 303 bitcoins in Q4 2020. The average price per TCB used to calculate mining revenue in the first quarter was $46,700. For example, Riot Blockchain acquired Whinstone US from Northern Data AG for $80 million in cash, along with 11.8 million Riot shares with a total value of $651 million. As a result, Whinstone became the owner and operator of the largest bitcoin hosting facility in North America, with a developed capacity of 300 MW and a long-term power purchase agreement. Riot also said it plans to maintain a hash rate of 7.7 EH/s in the fourth quarter. The company expects to reach its target in the first quarter of 2022, but this intention will only be possible with the full deployment of an expected fleet of 81,146 antminers purchased from Bitmain, 95% of which are the latest generation of the S19 series, designed specifically for miners. Remember, bitcoin has proven to be one of the largest and most volatile cryptocurrencies. So if the value changes, this statistic will also change, as will the future income. Still, it’s impressive how far Riot Blockchain, Inc. has managed to push the industry. Only time will tell what the future holds for cryptocurrencies, but regardless, Riot Blockchain shows no signs of stopping its development, or increasing its hashing capacity.Riot Blockchain is a company that changed its name from Bioptix to Riot Blockchain last year. It is a cryptocurrency company that develops blockchain technologies. Last quarter the company reported $23.2 million worth of cryptocurrency mining revenues. Blog. Read more about riot blockchain earnings estimates and let us know what you think.Riot Blockchain is a company that changed its name from Bioptix to Riot Blockchain last year. It is a cryptocurrency company that develops blockchain technologies. Last quarter the company reported $23.2 million worth of cryptocurrency mining revenues. Blog. Read more about riot blockchain earnings estimates and let us know what you think.
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