Riot Blockchain Mined 508 Bitcoin in Q2

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Bitcoin mining machines (Mark Agnor/Shutterstock)

Castle Rock, Colo.-based cryptocurrency miner Riot Blockchain reported earnings for the June quarter Monday, noting an increase in bitcoins mined despite a decrease in mining revenue from a year ago.

  • The company mined 508 bitcoins in Q2, up 61% from 316.19 BTC. In 2019, Riot switched to mining bitcoin exclusively, said Jeff McGonegal, CEO of Riot Blockchain. Previously, the company also mined litecoin and bitcoin cash.
  • Quarterly mining revenue from mining was $1.9 million, however, down nearly 20% from a year ago when the company reported $2.4 million in quarterly mining revenue.
  • “We’re strong believers in the macroeconomic fundamentals underlying bitcoin,” McGonegal said in email correspondence with CoinDesk.
  • Riot reported a current mining capacity of 556 petahash per second, up more than 450% from 101 petahash per second last year.
  • Despite an increase in mined bitcoin and the cryptocurrency’s more-than-200% rally from March lows, Riot’s cash and cryptocurrency corporate liquidity dropped from $18 million last year to $16.4 during the June 2020 quarter.
  • Riot shares were trading hands at $4.12 at Monday’s close, down 3% from the daily open. They’ve risen 40% since August 1.

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