May 12, 2025
Blockchain

Riot Blockchain Issues 1,405 BTC in Quarter, Reporting Record Profit

  • May 11, 2022
  • 0

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

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.

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.

Data: Nasdaq.

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.

Source: Fork Log

Leave a Reply

Your email address will not be published. Required fields are marked *

Exit mobile version