Colorado-based renowned cryptocurrency mining company Riot Blockchain revealed its earnings for the June quarter Monday, noting a rise in bitcoins mined despite a decrease in mining revenue from a year ago.
The company mined 508 bitcoins in Q2, up 61% from 316.19 BTC. Earlier in 2019, Riot switched to mining bitcoin exclusively, said Jeff McGonegal, CEO of Riot Blockchain. Previously, the company also used to mine litecoin and bitcoin cash.
Quarterly mining revenue from mining was $1.9 Bln, however, down nearly 20% from a year ago when the company reported $2.4 Mln in quarterly mining revenue.
“We’re strong believers within the macroeconomic fundamentals underlying bitcoin,” McGonegal said within his recent interview.
Riot reported a present mining capacity of 556 petahash per second, up over 450% from 101 petahash per second last year.
Despite a rise in mined bitcoin and therefore the cryptocurrency’s more-than-200% rally from March lows, Riot’s cash and cryptocurrency corporate liquidity dropped from $18 Mln last year to $16.4 Mln during the June 2020 quarter.
Riot shares were trading hands at $4.12 USD at Monday’s close, down 3% from the daily open. They’ve risen 40% since the starting of this month.