Riot Blockchain, which is a public digital currency mining firm, saw a slight increase in earnings per share (EPS) during the first quarter of 2020. The Bitcoin mining outfit shared its financial results and highlights for the quarter ended on March 31, 2020.
Nasdaq listed Riot Blockchain is making significant progress in the market. In its announcement, the mining company revealed the conclusion of the SEC investigation, and the complete revamp of mining rigs in its Oklahoma mining farm. The firm wrote:
“As compared to the same period last year, during the quarter ended March 31, 2020, Riot announced increased revenues and decreased SG&A expenses excluding stock-based compensation. As compared to December 31, 2019, the Company has substantially improved its liquidity position and increased total stockholder’s equity.”
Nasdaq listed Riot Blockchain installs next generation Bitmain S19 Antiminers
In its announcement, Riot emphasized the successful stationing of the 4,000 Bitmain S17 Pro Antminers purchased late last year; and the addition of the 2,040 Bitmain S19 Antminer revamped in April 2020.
Following the spread of the COVID-19 pandemic, the BTC mining outfit shifted a substantial amount of its S17 Antiminers; to a mining facility in New York which is run by Coinmint. Riot contemplates the new mining equipment will raise the firm’s current average hash rate by a massive 84%. Riot plans to station the new rigs by Q3 this year.
Q1 2020 Riot Blockchain financial results
According to the report, Riot Blockchain launched 281 freshly minted BTC coins during Q1 of 2020. The firm grew its Bitcoin directory by 60%, to 821 BTC between December 31, 2019 and March 31, 2020.
In addition, Riot Blockchain saw boosted business assets on March 31 this year, rising from $9.3 million on December 31, 2019, to $17 million on March 31, 2020. Moreover, the firm reduced its total liabilities by $300,000, to $3.8 million within the same period.
In conclusion, the mining firm reported that total mining income grew by 68% to $2.4 million, in contrast to the $1.4 million made during Q1 of 2019.