Introduction
Riot Blockchain, a publicly-traded Bitcoin mining company, has released its Q2 results filing, showing a significant increase in revenue and mining production. The company’s revenue for the quarter was $31.5 million, an increase of 1,540% compared to the same period last year. Additionally, its mining production for the quarter was 675 Bitcoin, an increase of 1,540% compared to the second quarter of 2019.
Increased Mining Production
The increase in mining production can be attributed to Riot Blockchain’s efforts to expand its mining operations. The company has been investing heavily in new mining equipment, which has led to a significant increase in its hash rate. Riot Blockchain’s hash rate for the quarter was 566 petahash per second (PH/s), an increase of 45% compared to the first quarter of 2020.
Revenue Growth
The significant increase in revenue can be attributed to the increase in Bitcoin prices during the second quarter of 2020. Bitcoin prices increased by 44% during the quarter, which led to an increase in the value of Riot Blockchain’s Bitcoin holdings. Additionally, the company’s mining operations generated more Bitcoin, which also contributed to the increase in revenue.
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Looking Ahead
Riot Blockchain’s Q2 results show that the company is on track to achieve its goal of becoming one of the largest Bitcoin mining companies in the world. The company continues to invest heavily in new mining equipment and expand its operations, which should lead to further increases in mining production and revenue.
Conclusion
Riot Blockchain’s Q2 results filing shows a significant increase in revenue and mining production, which can be attributed to the company’s efforts to expand its mining operations. With the company continuing to invest heavily in new mining equipment and expand its operations, it is on track to become one of the largest Bitcoin mining companies in the world.
