Riot Blockchain, a publicly-traded bitcoin mining company, has revealed its Q3 earnings report for the September period. The report highlights that the blockchain company had a significant increase in revenue and hash power in comparison to its previous year. The crypto firm has plans for further expansions as per its earnings report.
The latest Q3 report shows that Riot Blockchain had over $2.4 million in mining revenue, increased by a whopping 42% from the same period in comparison to last year. The bitcoin company’s mining revenue had increased by 15% in the price of BTC in addition to increased hash power.
The report also reveals that the company mined 222 BTC in Q3 2020, slightly lower than 227 BTC mined in Q2 2020. The company boasts of a mining capacity of 556 hash per second (PH/s), a 450% increase from its Q3 2019 hash power of 101 has per second (PH/s).
All this can be credited with the firm’s increase in mined bitcoins and the cryptocurrency’s significant rally of up to 114%. The bitcoin mining company had previously also mined altcoins such as Bitcoin Cash (BCH) and Litecoin (LTC).
Riot plans to expand its mining operations with its four purchase agreements with Bitmain for a total of 6,600 S19-Pro machines. The new machine is expected to be delivered through the end of Q2 2021.
The firm’s corporate liquidity grew from $7.2 million in Q2 to $9 million in Q3. Its cash reserves also grew from $9.1 million to $30.1 million over the same period
Shareholders of Riot enjoy their funds in their safest way by having the lowest quarterly loss per share since the deployment of a crypto mining hardware in Q2 2018. The loss per share dropped to $0.04 in Q3 from a loss per share of $0.08 during the same period last year, representing an improvement of 50%. Riot shares have risen by more than 200% year to date.