Nasdaq-listed cryptocurrency mining company Riot Blockchain recently announced its financial results in its second-quarter report on the 23rd.
According to the filing, the company’s year-on-year revenue grew by 18 times, from $1.9 million to a record high of $34.3 million in 2021. Net income was recorded at $0.13 per share this year, a stark contrast to the previous year that saw a net loss of $0.31.
Analysts expected revenue of $32.6 million for the quarter, with earnings per share at one cent.
In a press release issued by the company, Riot CEO Jason Les noted:
“We are extremely pleased with Riot’s record quarterly financial results. The Company’s improved financial results are a direct result of Riot’s absolute focus on Bitcoin mining and growing its mining operations. With the successful acquisition of Whinstone US (“Whinstone”), the Company’s growth prospects have been significantly de-risked, and future financial opportunities are very exciting.”
Riot had previously announced that it would acquire a large mining facility in Texas, USA. It later signed an acquisition deal with Whinstone which would help Riot aggressively expand its capacity and become one of the largest mining companies in North America.
As of now, Whinstone has added 400 megawatts of electricity to its project “with four buildings totaling approximately 240,000 square feet currently under construction.”
The company also revealed it had purchased an increasing number of mining machines from Bitmain, a crypto mining product company. Over 4600 units of the total 9,900 S19 Pro Antminers have been installed with the company’s current hashrate standing at 2.07 EH/s.
Riot has forecasted that its mining facility in Texas would raise its current hashrate to 7.7 EH/s by the fourth quarter of 2022.