Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining

Major publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 2021.

In its Aug. 23 quarterly financial report, the U.S.-based firm reported $31.5 million in mining-related revenues for the three-month period — up roughly 1,540% from its Q2 2020 revenue of $1.9 million.

The surging mining revenues drove a record quarterly net income of $19.3 million. By contrast, the company suffered a $10.6 million net loss for the second quarter of 2020.

Riot held $195.4 million worth of cash and Bitcoin holdings as of June 30, 2021. As of July 31, the firm’s unaudited BTC balance stood at 2,687 BTC (approximately $132.6 million).

The firm also reported a 38% increase in the total number of BTC it mined compared to the previous quarter, with Riot generating 675 BTC compared to 491 BTC in Q1.

Riot Blockchain CEO, Jason Les, attributed the firm’s bumper results to its early April acquisition of Whinstone U.S. — the single largest BTC mining facility based in Texas, stating:

“Riot is aggressively expanding its capacity at Whinstone, which is expected to provide the critical infrastructure necessary to successfully execute on driving continued growth for the company.”

During the second quarter, Riot initiated a 400-megawatt expansion at Whinstone with four buildings totaling around 240,000 square feet which are currently under construction. Riot purchased the facility for $650 million.

Related: Four North American Bitcoin miners that could benefit from the East-West shift

In April, Cointelegraph reported that Riot’s Bitcoin production had jumped 80% compared to pre-halving levels. The firm continued its expansion, purchasing afurther 42,000 Antminers from Bitmain in that same month.

In response to the news, Riot’s shares bounced by 7.6% on Monday to $36.93 from Friday’s close of $34.32.