Bitcoin miner Riot Blockchain (NASDAQ: RIOT) reported its financial results for the fourth quarter of last year and the full year ended Dec. 31, 2020. Castle Rock, a Colorado-headquartered company, had its Q4 mining revenues increased by 116% to $5.2 million compared to 2.4 million in Q3 of the same year. Compared to $3.4 million in net loss in 4Q19 and $1.7 million loss in 3Q20, 4Q20 had $3.9 million in income on a GAAP basis. The company reported a net loss of $12.7 million for the entire year, or $(0.30) per share, down from $20.03 million in the previous year. This loss included impairment of $9.4 million investment in Coinsquare along with depreciation and stock-based compensation. While G&A expenses only rose by 14%, working capital increased by over 2,000% to $233.9 million on a year-over-year basis. “2020 was a transformative year for Riot, and we believe that the Company’s prospects have never been brighter,” said Jason Les, Riot’s CEO. This year, the company will focus on increasing the US’s share in the bitcoin mining landscape.
Riot Blockchain Reports A 460% Increase in Hash Rate; Doubles the Bitcoin Held on Balance Sheet
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01 April 2021 16:56, UTC