The Future Coin

Bitcoin

$35,192.31

BTC -5.86%

Ethereum

$1,212.41

ETH -0.49%

XRP

$0.27

XRP -5.31%

Litecoin

$141.19

LTC -5.15%

EOS

$2.73

EOS -3.84%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Blockchain News

Riot Blockchain’s Bitcoin Mining Revenues in Q1 Rise 70% Year-on-Year

by The Future Coin
May 12, 2020
in Blockchain News
0
Riot Blockchain’s Bitcoin Mining Revenues in Q1 Rise 70% Year-on-Year
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Biotech firm-turned-Bitcoin miner Riot Blockchain disclosed strong results for Q1 2020 in its latest quarterly report filed with the United States Securities and Exchange Commission (SEC).

Published May 8, the report revealed the firm’s cryptocurrency mining revenue for the three months ending March 31, 2020 (Q1 2020) had hit $2.4 million — up from $1.4 million for Q1 in 2019. This represents a 70% increase in year-on-year revenue.

Riot revealed that it had not, however, mined more cryptocurrency, stating that “Bitcoins produced in 2020 totaled 280 as compared to 330 in the 2019 period.” 

Instead, the firm attributed the major increase in revenue to higher Bitcoin (BTC) values during the 2020 period, noting that prices averaged $8,287 per Bitcoin in Q1 2020 as compared with $3,791 per Bitcoin in Q1 2019.

Meanwhile, costs have remained stable year-on-year ($1.4 million and $1.5 million in Q1 2020 and Q1 2019 respectively), primarily consisting of direct production costs for mining operations including rent and utilities. 

Riot nonetheless reported higher depreciation expenses for its recently acquired mining hardware — an estimated increase of roughly $0.6 million as compared with Q1 2019.

Riot pays less in lawyer fees

Selling, general and administrative expenses over the recent quarter have increased by 18% as compared to the same period in 2019, yet legal fees have decreased by $0.3 million. 

This, as Riot notes, is due to the firm no longer having to pay out in litigation fees related to SEC investigation matters. 

As reported, the SEC had launched an investigation into the firm due to Riot Blockchain’s rebranding to include blockchain in its name at the peak of the crypto industry hype, coinciding with the firm’s shift in focus from biotechnology to cryptocurrency mining.

The commission had previously indicated that firms that had changed their name to include blockchain would be subject to increased scrutiny due to suspicions they were capitalizing on the hype to inflate share prices. 

In February of this year, the SEC concluded its investigation into Riot Blockchain, without recommending any enforcement action. 

That same month, Riot Blockchian decided to suspend further development and sell its planned U.S.-based digital currency exchange, RiotX, in order to concentrate on mining operations ahead of this month’s Bitcoin halving.

The wider sector

Other miners to have reported bullish results for mining operations this year, including London Stock Exchange-listed Argo Blockchain, whose strong performance has not, in contrast to Riot, been reflected in a revenue increase but rather in mining greater volumes of Bitcoin.

Source link

EDITOR’S CHOICE

Pizza Hut aims to topple Domino’s as owners mull ASX IPO

Wrapped crypto assets gain traction amid surging market

Vaccine skepticism hurts East European anti-virus efforts

Blockchain in Telecom Market Analysis and Forecast to 2025 by Recent Trends, consumption by Regional data, Investigation and Growth, Developments in Manufacturing Technology and Growth Overview

Supporting freedom isn’t a crime, yet – Orange County Register

After dizzying gyrations, what’s bitcoin really worth?

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 35,445.00
ethereum
Ethereum (ETH) $ 1,222.38
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 17.19
ripple
XRP (XRP) $ 0.276951
cardano
Cardano (ADA) $ 0.376045
litecoin
Litecoin (LTC) $ 142.62
bitcoin-cash
Bitcoin Cash (BCH) $ 479.90
chainlink
Chainlink (LINK) $ 20.26
stellar
Stellar (XLM) $ 0.300233
binancecoin
Binance Coin (BNB) $ 42.04
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 35,440.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 201.30
monero
Monero (XMR) $ 154.12
eos
EOS (EOS) $ 2.75
aave
Aave (AAVE) $ 191.06
havven
Synthetix Network Token (SNX) $ 15.47
tezos
Tezos (XTZ) $ 2.86
tron
TRON (TRX) $ 0.029932
cosmos
Cosmos (ATOM) $ 8.60
theta-token
Theta Network (THETA) $ 2.03
nem
NEM (XEM) $ 0.219374
uniswap
Uniswap (UNI) $ 8.47
celsius-degree-token
Celsius Network (CEL) $ 4.66
crypto-com-chain
Crypto.com Coin (CRO) $ 0.076447
vechain
VeChain (VET) $ 0.026412
okb
OKB (OKB) $ 6.01
neo
NEO (NEO) $ 23.03
compound-usd-coin
cUSDC (CUSDC) $ 0.021456
compound-ether
cETH (CETH) $ 24.52
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 1.41
maker
Maker (MKR) $ 1,467.71
dash
Dash (DASH) $ 124.80
dogecoin
Dogecoin (DOGE) $ 0.009112
iota
IOTA (MIOTA) $ 0.418576
binance-usd
Binance USD (BUSD) $ 1.00
zcash
Zcash (ZEC) $ 103.58
filecoin
Filecoin (FIL) $ 24.56
avalanche-2
Avalanche (AVAX) $ 13.69
yearn-finance
yearn.finance (YFI) $ 33,961.00
huobi-token
Huobi Token (HT) $ 5.20
solana
Solana (SOL) $ 3.57
sushi
Sushi (SUSHI) $ 7.24
kusama
Kusama (KSM) $ 101.69
ethereum-classic
Ethereum Classic (ETC) $ 7.65
compound-governance-token
Compound (COMP) $ 213.16
ftx-token
FTX Token (FTT) $ 9.33
zilliqa
Zilliqa (ZIL) $ 0.072686