Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March

The bitcoin mining company generated 75% more BTC in Q1 of 2021 than in 1Q20. Meanwhile, mining machine maker Canaan is reporting supply chain disruptions impacting its revenue.

Nasdaq listed Bitcoin mining company Riot Blockchain has released its Q1 2021 results that reveal that it recorded an 80% increase in its BTC production from the same month last year, pre-halving.

Last month, Riot mined 187 BTC, up from 104 BTC in March 2020, bridging the total BTC produced in Q1 of 2021 to 491, a 75% increase over its pre-halving 1Q20 281 BTC.

As of March 31st, 2021, Riot holds 1,565 BTC on its balance sheet, reported the company.

In this new quarter, the company made some new hires in the top management and signed a definitive agreement to acquire Whinstone US, Inc. (“Whinstone”), creating a US-based industry leader in Bitcoin mining, for $80 million cash plus a fixed 11.8 million shares of Riot common stock, having an implied total transaction value of about $651 million.

Based in Texas, Whitstone is located on a 100-acre site with a total power capacity of 750 MW. Upon the closing of this acquisition, which is expected in Q2 of 2021,

“Riot is expected to be the largest publicly traded Bitcoin mining and hosting company in North America.”

Getting More Hash Power

Riot has also signed a large-scale contract with Bitmain for 42,000 S19j Antminers this month to increase its Bitcoin mining hash rate to an estimated 5 exahash per second (EH/s) by the end of 2021.

While preparing for the future, the company received previously ordered 2,400 S19 Pro Antminers shipped in late March and early April this year.

These new machines will be sent to Coinmint, a facility in Massena, NY, which will be installed by late April. Upon deployment, Riot will have a total of 16,146 Antminers in operation utilizing approximately 51 megawatts (“MW”) of energy, with an estimated hash rate capacity of 1.6 EH/s.

By the end of 2022, the company expects a total hash rate capacity of 7.7 EH/s with a fleet of approximately 81,146 Antminers — consuming about 257.6 MW of energy with an overall hash rate efficiency of 33 joules per terahash (J/TH).

This would mark a 92.5% jump over their previously estimated hash rate capacity of 4.0 EH/s by October 2021.

Significant Increase in Demand

On the other hand, crypto mining machine maker Canaan Inc is reporting supply chain disruptions caused by pandemic to impact its Q4 2020 revenue. The revenues fell to RMB 38.2 million ($5.9 million) from RMB 463.2 million ($70.72 million) a year ago and RMB 163 million ($24.9 million) in the preceding quarter.

The Hangzhou, China-based company said although the market demand for high-quality machines both in and outside of China “increased significantly,” in Q4 2020 along with the rising Bitcoin price, “they did not have sufficient inventory to deliver to its customers.”

But CEO and Chairman Nangeng Zhang said they mass-produced its next-generation A12 series of bitcoin mining machines in quarter fourth and delivered them at a large scale in Q1 of 2021.

Canaan (CAN) stocks dropped to $13.14, down about 65% from March high, despite the price of Bitcoin surging about 9% during the same period, hitting a new ATH at $63,200 today.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide