Why Riot Blockchain Stock Climbed 23% in March
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Shares of Bitcoin (CRYPTO: BTC) mining company Riot Blockchain (NASDAQ: RIOT) stock charged 22.9% higher in March. The stock benefited from a 24% increase in the price of Bitcoin. The company also reported quarterly earnings that showed phenomenal revenue growth along with margin improvement. The icing on Riot's cake was regulatory boosts from the U.S. and Europe.
Everything trended in the right direction for Riot Blockchain last month. More than 85% of Riot's revenue was derived from mining last year. That source of revenue rose to $184 million in 2021, compared to only $12 million the prior year. Its cost-of-mining revenue dropped to about 25% of the top line, an improvement from 50% the prior year. It's also layering in hosting and engineering revenue, as it allows third parties to mine Bitcoin with its infrastructure. These services were made possible through Riot's May 2021 acquisition of Whinstone, North America's largest Bitcoin mining facility.
Source Fool.com
