Shares in Riot Blockchain, one of the world’s largest publicly listed Bitcoin mining companies, surged around five percent higher this week after the release of its quarterly results.
The Nasdaq listed company (NASDAQ:RIOT) mined 316 Bitcoins, 143 Bitcoin Cash, and 870 Litecoins during Q2, 2019 – generating around US$2.4m in revenue.
Riot recorded a smaller-than-anticipated net loss of US$1.3m for the quarter which analysts believe resulted in the share price rise.
However, Riot’s mining revenue was still down on the corresponding period in 2018 and its share price remains around 90 percent lower than its eye-watering highs of 2017, when the company suddenly shifted its focus from biotechnology to blockchain.
Increasing Bitcoin mining capability and exchange development
The company recently acquired 200 Bitmain S9 and 30 Bitmain L3 miners, costing around US$100,000.
“We plan to continue to look to enhance our mining operations through opportunistic value acquisitions,” the company said.
Riot is also continuing to work on the development of its proposed US crypto exchange, ‘RiotX’.
Earlier this year the company unveiled ambitious plans to have RiotX operational in 48 US states by the end of the year.
ASX-listed Fat Fish continues to sink
Australian blockchain company, Fat Fish Blockchain (ASX:FFG), was another stock that sky-rocketed after announcing, in January 2018, it was investing in a cryptocurrency mining operation.
Its share price hit a high of 11 cents following the announcement. On Friday its shares closed at just above one cent.
A cryptocurrency mining market update, released on May 14, did nothing to encourage investors.
“This recovery of bitcoin price brings a positive impact to the operating environment.” the company said.
In the update, Fat Fish revealed it was generating around US$1,200 worth of Bitcoin per day.
Record quarter for Canadian Bitcoin mining stock
Investors in Toronto-based mining giant HUT8 (TSX-V:HUT) may have a little more to smile about.
HUT8’s share price has increased by around 200% since March.
During Q2, 2019, HUT8 mined 2,816 Bitcoin, a quarterly record for the company.
As of June 30, the company’s ‘retained Bitcoin’ balance stood at 3,250 Bitcoin.
“Hut 8’s strategy to only mine and retain bitcoin, after paying its expenses, has resulted in substantial value creation for investors in the second quarter of 2019,“ said HUT8 CEO, Andrew Kiguel
“In Q2-2019, we experienced lower electricity prices than the prior quarter and a much improved bitcoin price.”