One of the few Nasdaq listed public cryptocurrency mining companies in the US recorded great results in 2020.
Riot Blockchain has recently published a statement of financial results for 2020 on its website. RB focuses mainly on bitcoin mining and aims to be the largest and cheapest producer of bitcoins in North America.
According to official information, in the nine-month period of 2020, RB managed to increase mining revenues by 21% compared to the same period in 2019. Which resulted in an improvement of the company’s working capital, liquidity and total stockholders’ equity positions.
Working capital increased to $ 39.3 million as of September 30 from $ 9.3 million (December 31, 2019). As for the total stockholders’ equity, it increased to $ 60.7 million as of September 30 from $ 26.2 million (December 31, 2019).
As for the Bitcoins themselves, the Riot Blockchain mined a total of 730 BTC’s during this period. He notes that this was despite the fact that in the second quarter they faced downtime and the relocation to the Coinmint’s facility.
Throughout the year, the company deployed and ordered new mining equipment, which we regularly informed you about. However, it still does not end in this direction and RB expects that by June 2021 a total of 22,640 miners will be deployed, mostly of the latest generation S19 Pro miners. At full operation and deployment, the RB should reach a total hash rate of 2.3 EH / s at 73 megawatts of energy.
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