In the first quarter of 2022, Nasdaq-listed mining company Riot Blockchain mined 1,405 BTC and reported a record $35.6 million net profit for the firm.

“We are extremely proud of the progress Riot continues to make, with record net income, revenue, hash rate and Bitcoin mining in the first quarter,” said Jason Les, CEO of Riot.https://t.co/cmruAHFus1#rebel #riotblockchain #bitcoinmining

— Riot Blockchain Inc. (@RiotBlockchain) May 10, 2022

In the fourth quarter of 2021, Riot generated 1354 BTC, a 4% increase in production.

The company explained this with a phenomenal increase in mining capacity driven by the growth of the overall bitcoin hashrate. Within three months, the firm increased its rate from 3.1 EH/s to 4.3 EH/s (39%).

The company’s reporting period revenue reached $79.8 million, with the share of mining operations approximately 67%, or $57.9 million.

As of April 30, Riot has amassed 6,320 BTC of self-mining cryptocurrency reserves. At the end of the quarter, the company’s highly liquid capital stood at $439.7 million, including $113.6 million in cash.

In April, Riot shares outpaced bitcoin in terms of depth of decline, as did stocks of other crypto-related companies. During the month, the rate of the first cryptocurrency fell 17.3%, and the company’s prices fell more than 50%.

Riot’s share price has barely reacted to the release of a quarterly report with record highs. Since May 5, the paper price has dropped 35% to $7.53 at the close on May 10. At the time of writing, the front market is valuing the stock about 5% higher.

Riot stock, along with Marathon Digital, has emerged as the most overvalued stock among publicly traded mining companies, according to a new industry metric from Arcane Research experts.