Riot Blockchain records 1,500% increase in BTC revenue

Riot Blockchain records 1,500% increase in BTC revenue

The company is said to have calculated its revenue from bitcoins averaging $ 46,600.

In the three months ending June 30, 2021, the US company Rebellion Blockchain’s Bitcoin mining revenue increased by 1,540%, the company said in a statement. Report Income released yesterday.

According to the company, quarterly revenue from PTC’s mining operations reached $ 31.5 million, compared to approximately $ 1.9 million recorded in the same quarter of fiscal 2020.

Blockchain, a public trading riot on the Nasdaq, noted in its financial statement that the increase in mining revenue contributed to the company’s overall profit for the last quarter. According to the results, net income rose to $ 19.3 million in the second quarter of 2021, after which the company lost $ 10.6 million after the second quarter of 2020.

Thanks to the increase in revenue, the company’s mining revenue margin also increased, with quarterly figures ending June 30, 2021 at 70%. By comparison, the riots saw about 25% margins in the three months ending June 30, 2020.

Jason Les, CEO of Rebellion Blockchain, said in a statement that the impressive financial results the company has achieved so far are directly due to them. Full focus on bitcoin mining »And expansion of mining operations following the acquisition of the American mining company Winstone.

According to Jason Les, the potential for future growth has increased after the expansion, and the transaction ” Significantly reduces the risks The activities of the insurgency to create new opportunities.

Rebellion Blockchain has also increased its bitcoin holdings, standing at about 2,687 PTC reserves as of July 31, 2021.

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Meanwhile, bitcoin mining yields rose 38% in the second quarter to 675 bitcoins in those three months, compared to 491 bitcoins generated in the first quarter.

Rebellion has significantly altered its bitcoin mining operations, and the miner’s contribution is estimated at 2.07 exhales (EH / s) per second, based on the hashtag.

The company plans to reach a hashrate of 7.7 PE / s in the fourth quarter of 2022, by which time it will be credible if all of its 81,146 antennas enter service.

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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