Riot Blockchain’s Q1 Mining Revenue Rose 881% to $23.2M

Riot Blockchain’s Q1 Mining Revenue Rose 881% to $23.2M

Nasdaq-listed bitcoin mining company Riot Blockchain (NASDAQ: RIOT) reported that its mining revenue soared almost 10-fold to $23.2 million during the first quarter.

Riot Blockchain also reported in a 10-Q filing with the U.S. Securities and Exchange Commission that margins from its mining operations were 67.5% in the first quarter, compared with 40.4% in the same period last year.

The company said total mined bitcoin rose 62% in the first quarter from the fourth quarter of 2020, with 491 bitcoin mined in the first quarter, compared with 303 BTC mined in the previous period. The average BTC price used to calculate Riot’s first-quarter mining revenue was about $46,700.