Mining Company Riot Blockchain Mined 1,405 BTC in Q1

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Nasdaq-listed mining company Riot Blockchain mined 1,405 BTC and posted a net profit of $35.6 million in the first quarter of 2022, which is a record for the company.

In the fourth quarter of 2021, Riot mined 1,354 BTC, which means that the current figure is a 4% higher.

The company has explained this by an outstripping increase in mining capacity in relation to the growth of the total Bitcoin hash rate. Within three months, the firm increased its own rate from 3.1 EH/s to 4.3 EH/s (by 39%).

The company’s income for the reporting period reached $79.8 million, the share of mining operations in it was approximately 67% or $57.9 million.

As of April 30, Riot has mined 6,320 BTC of self-mined cryptocurrency reserves. At the end of the quarter, highly liquid capital at the disposal of the company amounted to $439.7 million, including $113.6 million of cash.