Riot Blockchain netted $19.3 million in income for Q2 following its acquisition of Texas mining facility, Whinstone.
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 agency 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. Against this, the company suffered a $10.6 million net loss for the second quarter of 2020.
Riot held $195.4 million prices of cash and Bitcoin holdings as of June 30, 2021. As of July 31, the agency’s unaudited BTC balance stood at 2,687 BTC (approximately $132.6 million).
The agency also reported a 38% increase in the whole variety of BTC it mined compared to the earlier quarter, with Riot producing 675 BTC in comparison with 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 one largest BTC mining facility based in Texas, stating:
“Riot is aggressively expanding its capacity at Whinstone, which is predicted 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 growth at Whinstone with four buildings totaling around 240,000 square feet that are presently under development. Riot purchased the facility for $650 million.
In April, reported that Riot’s Bitcoin production had jumped 80% in comparison with pre-halving levels. The agency continued its expansion, purchasing a further 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.