Large publicly traded bitcoin mining company Riot Blockchain has reported record earnings for the second quarter of 2021.
In its quarterly financial report dated Aug. 23, the U.S.-based company reported revenues of $ 31.5 million.
Soaring mining revenues resulted in a record quarterly net income of $ 19.3 million. In contrast, the company suffered a net loss of $ 10.6 million in the second quarter of 2020.
Riot held $ 195.4 million in cash and bitcoin as of June 30, 2021. As of July 31, the company’s unaudited BTC balance was 2,687 BTC (approximately $ 132.6 million).
The company also reported a 38% increase in the total number of BTC mined compared to the previous quarter, with Riot generating 675 BTC, compared to 491 BTC in the first quarter.
Riot Blockchain CEO Jason Les attributed the company’s record results to its early April acquisition of Whinstone US – the largest BTC mining facility based in Texas, stating:
“Riot is aggressively expanding its capabilities at Whinstone, which is expected to provide the critical infrastructure necessary to successfully drive the company’s continued growth.”
During the second quarter, Riot initiated a 400 megawatt expansion in Whinstone with four buildings totaling approximately 240,000 square feet currently under construction. Riot bought the facility for $ 650 million.
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In April, Cointelegraph reported that Riot’s bitcoin production was up 80% compared to pre-halving levels. The company continued to expand, purchasing an additional 42,000 Antminers from Bitmain that same month.
In response to the news, Riot’s shares rose 7.6% on Monday to $ 36.93 from Friday’s close of $ 34.32.