In the first quarter of 2020, Riot Blockchain saw a 70% increase in BTC mining. The biotech mining provider has now announced this.Riot Blockchain has the responsible regulatory authority U.S. Securities and Exchanges Commission (SEC) submitted a letter that reported an impressive 70% increase in revenue for Bitcoin mining in the first quarter of 2020. A company report dated May 8, 2020 reports mining revenues of approximately $ 2.4 million for the first three months of the year. Last year’s quarter was just $ 1.4 million in the same business, an increase of 70%. Despite the positive developments, the company is not changing anything in its mining activities.
280 Bitcoins mined
In 2020, the company mined 280 bitcoins, in 2019 there were a total of 330.The increased Bitcoin price alone is the reason for the increase in revenue. There were significant fluctuations in the first quarter of 2019, and the leading cryptocurrency had also plummeted to USD 3,790 in the previous period.In 2020, the price of the BTC averaged $ 8,287, which explains the higher yield from the lower amount of 280 coins. At Riot Blockchain, the reason for the positive development is the stable level of mining costs compared to 2019. $ 4 million, slightly less. The main cost points for the company in the mining context are rental expenses and costs for the (energy) supply.