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 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.
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Riot Blockchain Mined 508 Bitcoin in Q2
Published on Aug 11, 2020
by Coindesk | Published on Coinage
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