Companies earned with Bitcoin Mining more than expected

In the first quarter of the year 2020, the company Riot Blockchain when BTC Mining recorded a growth of 70 %. The Biotech-Mining provider, announced now.

Riot Blockchain has submitted to the competent Supervisory authority U.S. Securities and Exchanges Commission (SEC) a Letter, the quarter of 2020 identifies the companies, Bitcoin Mining in the first year, a sales increase of an impressive 70%.

A report of the company from 08.05.2020 calls for the first three months of the year revenue by Mining in the order of 2.4 million dollars. In the prior-year quarter, the value stood at only 1.4 million US dollars in the same business field, which represents an increase of 70%. To its Mining activities, the company changes, despite the positive developments, once nothing. In 2020, the company prospected 280 Bitcoins, in 2019 there were a total of 330.

Alone, the rise in the Bitcoin price is rising the reason for the Taking. In the first quarter of 2019, there were significant fluctuations, the leading crypto-currency had crashed in the time before on at times than 3,790 USD.

2020, in turn, the price of the BTC averaged 8.287 to USD, which explains the higher yield from the lower quantity of 280 coins.

In the case of Riot Blockchain is called as the reason for the positive development of the stable level of Mining costs, compared to 2019. the expenditure in the Q1 2019 amounted to 1.5 million US dollars, amounted in Q1 2020 to around 1.4 million US dollars, slightly less. The main cost items for the company are in Mining-related rental expenses and costs for the (energy) supply.

Increased (0.6 million USD) in the said quarter, the “other expenses” due to Hardware depreciation, in a direct comparison with the Q1 2019. 18% the management of increased cost.

The company went through a name change, which is to be understood as a reference to the work area of the crypto-mining to. As a result of the renaming, the SEC conducted investigations. Around the time of the Change of the Name of the crypto industry recorded an impressive increase in demand. Bitcoin and co. showed once again the real “Blockbuster”-prices. The “Rebranding” had to take the SEC, according to its own statement on the occasion of an examination, to exclude the possibility that the company will take advantage of the market boom in order to influence the share price.

In February, the SEC closed its investigation files due to Riot Blockchain, without the authority of any recommendations with respect to a regulatory correction pronounced. The present company data for the Q1 of the year 2020 underline how robust the Mining sector is, at least so far, placed.