Crypto is on the move with the price of Bitcoin back above $60,000.  Ethereum is now up to $2,147. Cardano is up to $1.30. All thanks to rapid adoption of cryptocurrencies by companies all over the world, including Visa, PayPal, Square, MicroStrategy, institutional and retail interest.

The best part – the momentum is only growing stronger by the day.

However, if cryptocurrencies aren’t for you, consider the cryptocurrency miners, like Riot Blockchain (RIOT). After all, the higher cryptocurrencies run, the higher the miners run.  In fact, as Bitcoin has exploded, so has RIOT.  Since November for example, RIOT ran from a low of $3.33 to $55.34.  From here, it could race well above $70 again.

In addition, Riot produced 187 BTC, an increase of 80% over its pre-halving March 2020 production of 104 BTC.  In Q1 2021, the Company produced 491 BTC, an increase of 75% over its pre-halving Q1 2020 production of 281 BTC.  Also, as of March 31, 2021, Riot holds over 1,565 BTC on its balance sheet, all of which was produced by its mining operations, according to a recent company press release.

Riot Blockchain Earnings Growth Has Been Just as Impressive

“2020 was a transformative year for Riot and we believe that the Company’s prospects have never been brighter,” said Jason Les, Riot’s CEO, as quoted in a company press release. 

“Our strategic decision to solely focus on bitcoin mining in early 2020 allowed the Company to exit 2020 as a public company leader as measured by total hash rate.  We are pleased to have invested into continuing our deployed hash rate growth, allowing us to capitalize on the extraordinary current opportunities in bitcoin mining.  In 2021, we are amplifying our focus on initiatives that will drive further growth for Riot, including increasing the US-based share of the bitcoin mining landscape.”

Even better, the company achieved profitability during the 2020 fourth quarter, with $3.9 million in net income on a GAAP basis, as compared to a $(3.4) million net loss during the 2019 fourth quarter and as compared to a $(1.7) million loss for the third quarter of 2020.

Mining revenues increased by 116% on a sequential quarter-over-quarter basis, to $5.2 million in the fourth quarter of 2020 as compared to $2.4 million for the third quarter of 2020.

Again, if cryptocurrencies aren’t for you, consider the cryptocurrency miners.

At the time of this writing, Ian Cooper did not hold a position in RIOT stock.