Blockchain
Riot Blockchain Announces Q2/19 Financial Results
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Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or the “Company”) announced the filing of its 2019 Quarterly Report on Form 10-Q, which can be viewed on the Company’s website or at SEC.gov.
Highlights extracted from the June 30, 2019 quarterly consolidated condensed financial statements (unaudited) (“Q2/19”):
- Generated approximately $2.4 million in mining revenue on the production of 316.19 bitcoins, 143.81 bitcoin cash, and 870.01 litecoins for the quarter. This compares to Q2/18 revenues of $2.8 million on the production of 311.12 bitcoins, 272.81 bitcoin cash, and 314.04 litecoins.
- The average price of bitcoin for the quarter was $7,301 as compared to $7,767 in Q2/18. Additionally, the Q2/19 average price was substantially higher than the $3,799/BTC average price in Q1/19. Bitcoin mining makes up the large majority of Riot’s cryptocurrency mining operation.
- Gross margin as a percent of mining revenues improved significantly to 35% from (5%), sequentially, in the second quarter due primarily to higher average cryptocurrency prices as bitcoin, bitcoin cash, and litecoin gained 92%, 122%, and 158% relative to Q1/19 averages. Recent improvements in bitcoin prices, should they continue, are expected to further assist in improving gross margin break-even results.
- Net loss attributable to the Company in Q2/19 was approximately $1.3 million or $0.08/share. This marks a significant improvement from Q2/18, when the Company posted a comparable net loss of approximately $24.0 million or $1.81/share.
- Balance sheet was strengthened with a Q2/19 cash and cryptocurrency position of $18 million as compared to $225,000 at the end of FY/18. Total liabilities were reduced to $4.8 million in Q2/19 from $9.4 million at the end of FY/18 as outstanding payables were liquidated including settlement of certain debts – some at notable discounts.
Business update and highlights:
- Riot’s fully-owned hashing power was approximately 101 Petahash as of June 30, 2019; which ranks the Company among the largest publicly-listed miners of bitcoin. The mining operation continues to be fully deployed with 24/7 real-time monitoring of status and margin contribution. Based upon recent operating metrics and difficulty levels, at a price of $10,050/BTC an S9 miner would generate digital currency revenues of approximately $0.12/kWh.
- Riot recently acquired 200 Bitmain S9 and 30 Bitmain L3 miners for a cost of approximately $100,000. We plan to continue to look to enhance our mining operations through opportunistic value acquisitions.
- Riot maintains ownership of approximately 12% of Coinsquare, a leading cryptocurrency exchange in Canada.
- The previously disclosed Securities and Exchange Commission investigation associated with the subpoena received by the Company in April 2018 is still ongoing, and the Company has been cooperating with the SEC in that investigation.
- The Company continues development progress with RiotX, its planned cryptocurrency exchange, as it engages additional partners in the establishment of the exchange.
- Riot recently announced the establishment of an Advisory Board that is comprised of well-recognized creative leaders with a wealth of operational and strategic experience from across the blockchain space including: bitcoin software development, node projects, bitcoin education, start-up advisory, and venture capital/angel investing. The Advisory Board has been established to assist the Company in its strategic mission and enhance shareholder value through the advisors’ industry-leading insights and vast network of innovators and pacesetters.
SOURCE Riot Blockchain, Inc.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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