Mining company Riot Blockchain reported record profits for the quarter

.

What’s new? Mining company Riot Blockchain mined a total of 1405 bitcoins in the first quarter of 2022 and generated record revenue of $79,8 million. This was announced on Twitter by Riot Blockchain CEO Jason Les.

"We are extremely proud of the progress that Riot continues to make, having achieved record levels of net income, revenue, hash rate and Bitcoin mined in the first quarter,” Jason Les, Riot CEO.https://t.co/cmruAHFus1#riot #riotblockchain #bitcoinmining— Riot Blockchain Inc. (@RiotBlockchain) May 10, 2022

What other data is contained in the report? The company’s total revenue increased by 244% year-on-year. The income generated from mining increased by 150% to $57,9 million. The company’s net income for the first quarter amounted to $35,6 million. Last year, this figure was at the level of $7,5 million.

Bitcoin mining volume also increased by 186%, from 491 BTC to 1405 BTC. The company increased the capacity of its farms from 3,1 EH/s to 4,3 EH/s in three months.

What is known about Riot Blockchain? It is one of the largest companies in the United States that is engaged in the mining of cryptocurrencies. RIOT’s shares are traded on the Nasdaq Stock Exchange. The company owns data centers in the states of Texas and New York.

What events happened before? In April, Riot Blockchain filed a prospectus for the sale of temporary shares worth up to $500 million with the US Securities and Exchange Commission (SEC). The proceeds from the sale of the shares would be used for general corporate purposes, which include investments in the company’s existing and future projects. Earlier, Riot Blockchain provided an annual report to the SEC, which said that for 2021 the company had revenues of $213,2 million, an increase of 1 665% from a year earlier.

Mining company Argo Blockchain also reported a 291% increase in revenue in 2021. The company explained this result by a significant increase in hashrate, a temporary decrease in difficulty of mining bitcoin, and higher prices for the cryptocurrency.

In April, Tesla, Blockstream, and Block started cooperating to build a cryptocurrency mining data center in Texas. The facility would be solar-powered.