Riot Blockchain, the publicly-traded crypto company, has reported its Q3 financial results, generating 1,106 Bitcoins and raising over $200 million.
According to the company’s Q3 2020 earnings report, which was released today, Riot Blockchain mined a total of 1,106.21 Bitcoin in the third quarter of 2020. The company had a gross mining margin of 82.7%, with a total gross mining revenue of $37.9 million.
The company reported an overall net income of $35.4 million, or $1.30 per share for the third quarter, up significantly from $1.7 million in Q2 2020.
In terms of cash, the company ended the quarter with $215.4 million in cash and cash equivalents. It had net operating cash flow of $25.2 million, and cash used in investing activities of $18 million.
Riot’s gains were a boon in the midst of the pandemic; in June 2020, the company announced that it was turning its back on the crypto market due to “extreme illiquidity and price volatility”.
The company has kept its focus on Bitcoin, and it continues to reap the rewards.
“Our efforts have been focused on the continued support of Bitcoin and blockchain technology which continued to yield positive results in the form of robust financial returns during the quarter,” said Riot CEO Jeffrey K. McGonegal in a statement.
McGonegal added that the company “ices to evaluate further investments and opportunities in the blockchain ecosystem”.
Riot’s Q3 numbers are promising, and the company is showing growth as it continues to focus on cryptocurrency and blockchain technologies.
