Blockchain
Riot Blockchain Announces September 30, 2019 Quarterly Results
Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot” or the “Company”) announced the filing of its September 30, 2019 Quarterly Report on Form 10-Q, which can be viewed on the Company’s website or at SEC.gov.
Riot today announced financial results for its period ended September 30, 2019. The Company posted quarterly revenue of $1.7 million and raised a total of $23.6 million through its at-the-market offering (“ATM”) during the nine months ending September 30, 2019.
Q3 Highlights:
- Generated approximately $1.7 million in revenue on the production of 157.2 bitcoin, and 400.2 litecoin for the quarter. This compares to Q3/18 revenues of $2.3 million on the production of 319.3 bitcoin, and 1,182.2 litecoin. The industry faced continuing increases in the bitcoin difficulty index, increasing 61% during the latest quarter, which negatively affected BTC production and reported revenues.
- The average price of bitcoin for the latest quarter was $10,382, compared to $8,297 in Q2/19 and $6,856 in Q3/18.
- Cash and digital currencies as of September 30, 2019 totaled approximately $18.3 million.
- The Company received gross proceeds from the sale of shares of its common stock under its ATM of approximately $23.6 million at a weighted average sales price of $3.10 per share during the nine months ended September 30, 2019.
- The Company’s financial position improved across the three and nine months ended September 30, 2019, with the Company reporting working capital of $16.5 million at September 30, 2019 as compared to a working capital deficit of $(4.3) million at December 31, 2018. Total stockholders’ equity also improved to $28.2 million at period end, an increase of $23.7 million over the December 31, 2018 balance.
- Gross margin percent, computed as mining revenues in excess of cost of revenues (exclusive of depreciation and amortization), improved to 14% from 13% in the three-month periods ended September 30, 2019 and 2018, respectively. Gross margin percent was 18% and 35% in the nine-month periods ended September 30, 2019 and 2018, respectively.
- Reduction in the Company’s selling, general, and administrative expenses (“SG&A Expenses”) to $1,762,000 in Q3/19, from $5,970,000 in Q3/18, a 70.5% decrease arising from ongoing expense reductions. SG&A Expenses reduced to $7,140,000 from $16,314,000 in the nine-month periods ended September 30, 2019 and 2018, respectively.
- Net loss in the three-month periods ended September 30, 2019 and 2018, respectively, totaled approximately $(1.8) million and $(6.2) million, or $(0.08) and $(0.46) /share. Net loss in the nine-month periods ended September 30, 2019 and 2018, respectively, totaled approximately $(16.6) million and $(46.6) million, or $(0.93) and $(3.56) /share.
Recent business update and highlights:
Riot has conducted two in-person meetings with its newly established Advisory Board over the past ninety days to begin and advance a dialog covering the Company’s bitcoin mining operations, efficiencies and possible strategic next steps. Riot previously announced establishment of an Advisory Board 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.
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.
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Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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