Riot Blockchain Q2 dented by mining revenue slump, bitcoin impairment (NASDAQ:RIOT)

Riot Blockchain Q2 dented by mining revenue slump, bitcoin impairment (NASDAQ:RIOT)

NiseriN/iStock via Getty Images

Riot Blockchain (NASDAQ:RIOT) stock edged down 1.2% in Tuesday premarket trading after the bitcoin (BTC-USD) miner saw a decline in mining revenue as well as a sizable non-cash BTC impairment.

Adjusted EPS of -$0.50 at the end of June missed the average analyst estimate of -$0.15 and dropped from three cents at June 30, 2021.

Revenue of $72.9M at June 30 fell also short of the $72.6M consensus but rose from $34.3M in the year-ago quarter.

Q2 mining revenue increased to $46.2M from $31.5M in Q2 2021, driven by an increase in the number of bitcoins (BTC-USD) mined, which was negatively impacted by lower BTC values in Q2 vs. Q2 2021.

Adjusted EBITDA for Q2 was -$65.2M compared with $2.39M a year before.

The company produced 1,395 bitcoins (BTC-USD) during the second quarter, up from 675 BTC in Q2 of last year. It had a deployed fleet of 44,720 ASIC miners with a hash rate capacity of 4.4 exahash per second as of June 30.

By Q1 2023, Riot (RIOT) is expecting a total self-mining mining capacity of approximately 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs.

On August 10, Riot Blockchain announced a delay in its quarterly report filing.

Leave a Reply

Main Menu