11 May 2022 06:47, UTC.
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According to FactSet, Riot Blockchain (RIOT), one of the largest bitcoin (BTC) miners, reported first quarter revenue of $79.8 million, missing analysts’ consensus forecast of $83.7 million.
According to the statement, despite the miss, Miner reported record quarterly revenue, which was up 244% from the year-ago quarter.
“Our vertically integrated business strategy of ownership, operation and production has accelerated our growth, helping insulate us from ongoing global supply chain challenges,” said CEO, Jason Les, in a statement.
Miner said its mining revenue margin was $38.9 million (67% of mining revenue), up from $15.6 million (68% of mining revenue) for the same three-month period in 2021.
“The consistent level of mining revenue has been largely driven by operational efficiencies driven by the large number of next-generation miners currently deployed at Riot’s Whinstone,” Riot said in a statement that it bought last year.
Riot expects total self-mining capacity to reach about 12.8 EH/s by January 2023, in line with previous projections.
Riot’s net income for the quarter was $35.6 million, or 30 cents per share, compared to net income of $7.5 million, or 9 cents per share, a year ago.
The company’s stock was up 1.6 percent in post-market trading.
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