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Riot Blockchain Posts Milestone Second Quarter Results

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Riot Blockchain is showing signs of improvement.

In its most recent quarter, the company posted revenue of $2.77 million.  It also produced 348 Bitcoins and 318 Litecoins in the quarter.

The company also enjoyed gross margins of 47% with no long-term debt.

RIOT also attained the full deployment of its 8,000 ASIC cryptocurrency miners. And it noted cash, digital currencies, cash equivalents, and prepaid contracts running of $9,128,051. Current liabilities of the company stood at $6,572,187.

While the company did post a net loss of $24.4 million, much of that can be traced back to a non-cash $15.4 million impairment charge.

It also incurred a non-cash depreciation and amortization charge of $2,870,899. Also contributing to net loss was $6,422,883m for general, selling and administrative expenditures.

Quarterly Riot Blockchain Updates

The future appears bright for RIOT in terms of prospective growth. RIOT has approximately 8,000 miners, which make use of 11.5MW of energy capacity at its mining complex situated in the U.S.

The company also holds 100 Petahash as its fully owned hashing power.  This ranks the company among the biggest publicly listed miners of Bitcoin.

The company has a subsidiary in the form of Tess, Inc. Tess, Inc. successfully completed its merger with Cresval Capital Corp.

Plans are underway to get it publicly listed on the TSX Venture Exchange in the months to come. RIOT also announced the beta development of its own private Bitcoin Mining Pool.

Mining pools are a collaborative collection of miners working together as a team. These combining miners aggregate their hashing power towards securing the blockchain by means of solving computations.

 

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