American Bitcoin miner Riot Blockchain’s mining revenue skyrocketed almost tenfold to US$23.2 million in the first quarter of 2021, according to a U.S. Securities and Exchange Commission filing.
- Riot also reported in the filing that margins on its mining operations were 67.5% during the period, up more than 67% from its margins of 40.4% in the same period last year.
- The company said it had mined 491 Bitcoin in the first quarter, 62% more than during the fourth quarter of last year. Riot’s mining revenue calculation was based on an average Bitcoin price of around US$46,700.
- Riot last month acquired Whinstone US, which owns and operates the biggest Bitcoin hosting facility in North America, from Northern Data in a deal worth US$651 million in stock and cash.