Business
Riot Blockchain Reports Record Third Quarter 2021 Financial Results, Current Operational and Financial Highlights
CASTLE ROCK, Colo., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in
About this update from Riot Platforms, Inc.
[{"type":"text","content":"CASTLE ROCK, Colo., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, reported financial results for the three month period ended September 30, 2021. The unaudited financial statements are available on Riot’s website and here. “We are extremely pleased to report another quarter of record financial results,” said Jason Les, CEO of Riot. “These results demonstrate the continuous financial and operational improvements that management is focused on delivering for shareholders. Riot’s technology-focused, vertically integrated strategy significantly de-risks the Company’s future growth plans. Additionally, it enhances future capital efficiencies as technological improvements, such as industrial-scale immersion technologies, are systematically incorporated into future hash rate deployments. With these strengths of Riot at play, the future financial opportunities for the Company are exciting.” Third Quarter 2021 and Recent Financial Highlights Riot continues to attain significant milestones and position itself for future opportunities, driven by its focus on Bitcoin mining. Increased total revenue by 2,532% to a record $64.8 million for the three-month period ended September 30, 2021, as compared to $2.5 million for the same three-month period in 2020.Increased mining revenue by 2,099% to a record $53.6 million for the three-month period ended September 30, 2021, as compared to $2.4 million for the same three-month period in 2020.Increased mining revenue margin, computed as cryptocurrency mining net of cost of revenues of cryptocurrency mining (exclusive of depreciation and amortization), to 76% for the three-month period ended September 30, 2021, as compared to 47% for the same three-month period in 2020.Increased mining revenue margin by 6% on a sequential quarter-over-quarter basis to 76% for the third quarter of 2021, as compared to 70% in the second quarter of 2021.Increased BTC production by 482% to a record 1,292 Bitcoin during the three-month period ended September 30, 2021, as compared to 222 Bitcoin during the same three-month period in 2020.Increased BTC production by 91% on a sequential quarter-over-quarter basis, with 1,292 BTC mined in the third quarter of 2021, as compared to 675 BTC mined in the se...