The latest financial report by Riot Blockchain reveals that the firm has gained $31.5 million in revenue from Bitcoin mining within a span of three months — an approximate increase by roughly 1,540% from its revenue of $1.9 million in Q2 2020.
Riot experienced a net loss of $10.6 million back in Q2 2020, before producing a record quarterly net income of $19 million.
As of June 30, Riot holds $195.4 million worth of Bitcoins and cash. The firm’s unaudited Bitcoin balance is worth approximately $132.6 million as of July 31.
Jason Les, the CEO of Riot Blockchain, remarked that the acquisition of Whinstone US in early April could be the fuel that boosted the mining revenue.
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.
Jason Les, CEO of Riot Blockchain
Riot began the construction of four buildings, which would provide an additional hash rate of 400 MW at Whinstone. The firm bought the facility for $650 million.
