Riot Blockchain’s Bitcoin Mining Revenues in Q1 Rise 70% Year-on-Year

[SRShanuka2020]

Riot Blockchain’s Bitcoin Mining Revenues in Q1 Rise 70% Year-on-Year

Biotech firm-turned-Bitcoin miner Riot Blockchain disclosed strong results for Q1 2020 in its latest quarterly report filed with the United States Securities and Exchange Commission (SEC).

Published May 8, the report revealed the firm’s cryptocurrency mining revenue for the three months ending March 31, 2020 (Q1 2020) had hit $2.4 million — up from $1.4 million for Q1 in 2019. This represents a 70% increase in year-on-year revenue.

Riot revealed that it had not, however, mined more cryptocurrency, stating that “Bitcoins produced in 2020 totaled 280 as compared to 330 in the 2019 period.”

Instead, the firm attributed the major increase in revenue to higher Bitcoin (BTC) values during the 2020 period, noting that prices averaged $8,287 per Bitcoin in Q1 2020 as compared with $3,791 per Bitcoin in Q1 2019.

Meanwhile, costs have remained stable year-on-year ($1.4 million and $1.5 million in Q1 2020 and Q1 2019 respectively), primarily consisting of direct production costs for mining operations including rent and utilities.

Riot nonetheless reported higher depreciation expenses for its recently acquired mining hardware — an estimated increase of roughly $0.6 million as compared with Q1 2019.

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