The bitcoin mining company reported revenue and sales results that beat analyst estimates for the second quarter

Bitcoin mining company Riot Blockchain reported that revenues grew to a record $34.3 million in the second quarter, up from just $1.9 million in the year-ago quarter. Net income came in at 22 cents per share versus a loss of 31 cents a share in the second quarter of 2020.

  • Analysts had been expecting revenues of $32.6 million for the quarter and adjusted earnings per share of one cent.  
  • Riot shares were rising 2.4% to $36.58 in after-hours trading Monday following the release of the results. They rose over 4% during the day as bitcoin (BTC, -1.71%) prices rose above $50,000 earlier in the day for the first time in three months. Shares are up almost 117% year to date.
  • Riot closed the acquisition of Whinstone in the quarter, helping create one of the largest hosting and mining companies in North America as measured by developed and future capacity.
  • Earlier this month, Riot forecast that its new facility in Texas will lift its total hash rate capacity to 7.7 EH/s by the fourth quarter of 2022. 
  • Recent SEC filings revealed that asset management giant Black Rock owned a 6.6% stake in Riot, as well as a 6.7% stake in rival miner Marathon Digital, as of the end of the second quarter. Together, Black Rock's stakes in the two companies amounted to almost $400 million.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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