The 2020 financials of the United States based mining firm, Riot Blockchain has been published and they equally announced an increment of 460% in their hashrate.
The increment made in their hashrate by 460% is double of what was held by Bitcoin in its 2020 balance sheet.
Premised on the increase in the operational hashrate from 1010 pentahashes per second, or Ph/s as of December 2019 to 566 PH/s as of December 31, Riot saw a 78% growth in total mining revenues frm $6.7 Million to $12 million.
Riot Blockhain posted an overall net loss of $12.7 million for 2020, but announced that the firm achieved profitability in the fourth quarter with $3.9 million in net income on a GAAP basis.
Interestingly, the report from Riot is a tremendous success when compared with their 2019 performance, when the company posted a loss of roughly $20 million.
In 2019, Riot Blochchains, increased its cryptocurrency and cash holding from $11.3 million to 25 million last year and its Bitcoin holdings was raised from 514 BTC to 1078 BTC, which is more of double of the Bitcoin. Also, the BTC stash is estimated roughly at $63.6 million.
Riot noted that it is still reliant on equity and debt financing to fund its operations, with its deficit increasing from $221 million as of Q2 2020 to $299 million at the end of the fourth quarter.
The firm celebrated its “strategic decision to solely focus on Bitcoin mining” throughout 2020, positioning Riot as a leading miner globally by hash rate.
“We are pleased to have invested into continuing our deployed hash rate growth, allowing us to capitalize on the extraordinary current opportunities in Bitcoin mining.”