Riot Blockchain posted stronger earnings for the third quarter, having produced 222 bitcoins from July through September. The mining company generated $2.4 million in revenue during the period, up 42% from the same quarter in 2019.
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Riot Blockchain posted stronger earnings for the third quarter, having produced 222 bitcoins from July through September. The mining company generated $2.4 million in revenue during the period, up 42%
Key Points
- Riot Blockchain posted stronger earnings for the third quarter, having produced 222 bitcoins from July through September.
- The mining company generated $2.4 million in revenue during the period, up 42%
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Two factors drove the gains. Bitcoin's price climbed 15% between July and September. At the same time, Riot expanded its mining capacity, and the company now operates at 556 petahashes per second compared with 101 PH/s in the third quarter of 2019, a 450% jump.
The company's output fell from the second quarter's 227 bitcoins to 222 in the third. Still, the 222 bitcoins from July through September represents a 41% gain versus Q3 2019. Riot shifted its focus to bitcoin alone, having moved away from litecoin and bitcoin cash.
Riot plans significant expansion ahead. The company has signed four purchase agreements with Bitmain to buy 16,600 S19-Pro Antminer machines with 110 terahashes per second capacity each, for $37.2 million total. Riot expects 3,500 of these machines to arrive in the fourth quarter of 2020, with the remaining 13,100 units coming in monthly shipments starting in the first half of 2021. Riot should complete deployment of all new equipment by the end of the second quarter of 2021.
The expansion reflects broader momentum in cryptocurrency mining. Bitcoin has gained 114% since January and trades above $15,000 per coin.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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