Riot Blockchain has published its business figures for the second quarter and was able to increase sales by 1,540 percent in this quarter.
The exchange-listed Bitcoin mining company Riot blockchain published its quarterly figures today. In the past quarter, the company was able to increase its mining sales by 1,540 percent, to 31.5 million US dollars. The company’s return on sales rose from 25 percent to 70 percent. Riot Blockchain generated a record net profit of $ 19.3 million in the second quarter. The bitcoin mining company itself mined 675 bitcoin in the past quarter, a 38 percent increase over the first quarter. The company’s share price is currently $ 35.73. Riot Blockchain has a market capitalization of over three billion US dollars.
The good quarterly figures not only made investors happy, but also CEO Jason Les.
We are delighted with Riot’s record quarterly results. Because the company’s improved financial results are a direct result of Riot’s absolute focus on Bitcoin mining and the growth in its mining activities. As previously announced, Riot is aggressively expanding its capacity in Whinstone, which is expected to provide the critical infrastructure necessary to successfully drive the company’s continued growth.
Riot Blockchain CEO Jason Les
Mining exodus: new competition from China?
Earlier this year, news that China would ban all mining activities panicked the scene. Various provincial governments made digital prospecting in China a criminal offense. This was justified with the high CO2 emissions from coal power and other fossil fuels. But sustainable Bitcoin miners also suffered from the ban. More and more digital miners then relocated their business activities to other countries – including the land of unlimited possibilities.
But just a few months later, the world is looking a lot nicer for Bitcoin miners – at least in the United States. More and more digital gold miners are daring to take the step by means of an IPO on the traditional financial markets. The companies also seem to have taken the criticism of the carbon footprint of some mining companies to heart. In the meantime, customers adorn themselves with the coveted feathers of sustainable and clean energy – as a kind of competitive advantage. This creates a new competitive situation for established US mining companies such as Riot Blockchain.
Meanwhile, the current developments in the mining industry are exciting to watch. At the moment you can see a short-term trend that Bitcoin mining is apparently becoming more sustainable. To what extent a long-term development can be predicted from this remains to be seen.