Business
Riot Blockchain Reports Second Quarter 2020 Financial Results, Recent Operational & Financial Highlights
- Increased revenue to $4.3 million from $3.8 million for the six-month period ended June 30, 2020, compared to the same six-month period in 2019. - Increased
About this update from Riot Platforms, Inc.
[{"type":"text","content":"- Increased revenue to $4.3 million from $3.8 million for the six-month period ended June 30, 2020, compared to the same six-month period in 2019.\n - Increased mining margin to 33.5% for the six-month period ended June 30, 2020, compared to 20.5% during the same six-month period in 2019.\n - Bitcoin mining hash rate capacity to increase to 566 PH/s by October of 2020 from 101 PH/s in 2019 as the Company utilizes next-generation Bitmain S19 and S19 Antminer Pros.\n - Excluding stock-based compensation, decreased SG&A expenses to $3.6 million for the six months ended June 30, 2020, as compared to $5.1 million during the same six-month period in 2019.\n - Increased corporate liquidity to $16.4 million in cash and cryptocurrencies, as compared to $11.3 million as of December 31, 2019.\n\n\nCASTLE ROCK, Colo., Aug. 10, 2020 /PRNewswire/ -- Riot Blockchain, Inc. (NASDAQ: RIOT) (\"Riot\" or the \"Company\"), one of the few Nasdaq listed public cryptocurrency mining companies in the United States, reported financial results for the quarter and year to date periods ended June 30, 2020. The financial statements are available on Riot's website and here. \n\n \n \n \n \n \n \n\n \nRiot continues to make substantial progress. During the period ended June 30, 2020, Riot announced that its Bitcoin mining capacity would increase by 129% over its first quarter 2020 hash rate to 566 PH/s by the fourth quarter of 2020, pending the receipt and deployment of additional miners which have been purchased. Riot also relocated its entire mining operation to a lower-cost facility during the second quarter and oversaw the termination of the SEC investigation as announced during the first quarter.\nDespite experiencing downtime associated with the move to a lower-cost facility and the Bitcoin halving event that occurred in May 2020, Riot's revenues for the six-month period ended June 30, 2020 increased by 11% as compared to the same six-month period in 2019. SG&A expenses excluding stock-based compensation also decreased by 29%. In addition, the Company's working capital, liquidity and total stockholders' equity positions all continued to improve as compared to the beginning of 2020.\nRecent Operational Highlights\nPurchased 3,040 next-generation Bitmain S19 and S19 Pro Antminers in the second quarter of 2020, which are expected to increase the Company's c...