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Riot Blockchain mining company's quarterly revenue up by 244%

Riot Blockchain mining company's quarterly revenue up by 244%

The mining company reported an increase in quarterly earnings, but it had almost no effect on the share price.

According to Riot Blockchain's financial report Riot Blockchain, the company increased quarterly revenue by 244%, going to $79.8 million, despite the overall market decline. The company also reported a 186% increase in bitcoin mining volume to a record 1,405 BTC. By comparison, Riot Blockchain managed to mine only 491 BTC in Q1 2021. The increase in mining volume was driven by a 39% boost in hash rate capacity, from 3.1 exa-hash per second to 4.3 EH/s.

As of April 30, 2022, the company has already launched 46,375 mining units and plans to deploy 7,240 more miners. Furthermore, Riot Blockchain is expected to receive over 1,700 more Bitmain Antminer S19j Pro units during May 2022. Their throughput will be ~5.6 EH/s.

Notably, in February, the company suspended bitcoin mining operations in Texas due to extreme weather conditions. At that time, it was reported that Riot Blockchain had reduced the capacity of its mining farms by 98 percent at the Winston site in Rockdale, Texas. However, the mining suspensions had only a slight impact on the company's overall bitcoin mining progress.

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