Home Blockchain Riot Blockchain Q2 Shaken by Falling Mining Revenue and Bitcoin Depreciation (NASDAQ:RIOT)

Riot Blockchain Q2 Shaken by Falling Mining Revenue and Bitcoin Depreciation (NASDAQ:RIOT)

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Riot Blockchain Q2 Shaken by Falling Mining Revenue and Bitcoin Depreciation (NASDAQ:RIOT)

Bitcoin mining farm.  Hardware.

NiseriN/iStock via Getty Images

Riot Blockchain (NASDAQ:RIOT) the stock fell slightly 1.2% Tuesday before market after bitcoin (BTC-USD) the miner saw a decline in mining revenue as well as a significant non-cash depreciation of BTC.

Adjusted EPS of -$0.50 at the end of June missed the average analyst estimate of -$0.15 and fell three cents as of June 30, 2021.

Revenue of $72.9 million as of June 30 was also below the consensus of $72.6 million, but was up from $34.3 million in the year-ago quarter.

Q2 mining revenue increased to $46.2m from $31.5m in Q2 2021, driven by an increase in the number of bitcoins (BTC-USD) mined, which was negatively impacted by lower BTC values ​​in Q2 compared to Q2 2021.

Adjusted EBITDA for the second quarter was -$65.2 million, compared to $2.39 million a year earlier.

The company produced 1,395 bitcoins (BTC-USD) in the second quarter, compared to 675 BTC in the second quarter of last year. It had a deployed fleet of 44,720 ASIC miners with a hash rate capacity of 4.4 exahash per second as of June 30.

In the first quarter of 2023, Riot (RIOT) projects a total self-mining capacity of around 12.5 PE/s, assuming the full deployment of around 115,450 Antminer ASICs.

On August 10, Riot Blockchain announced a delay in its filing of the quarterly report.

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