Bitcoin Miner Riot Blockchain Racks Up $221 Million Deficit

U.S. mining firm Riot Blockchain has published its financial report for Q1 2020 — painting a picture of a company heavily reliant on equity and debt financing to fund its operations.

The firm reported recurring losses and negative cash flows from its operations, with Riot anticipating continued losses over the near term.

But the mining outfit is pinning its hopes on the arrival of 2000 next generation mining machines it believes will enable it to double its operational hash rate. 

Riot improves year-over-year performance

As of March 31, 2020, Riot Blockchain reported holding cash and cash equivalents worth $14 million; $5.3 million in crypto assets — predominantly Bitcoin (BTC) — along with working capital of $17 million.

In a press release, Riot emphasizes its improved performance when compared with the first quarter of 2019 —  with its margin on mining operations up to $955,000 from a loss of $65,000. Revenue increased 68%, from $1.4 million to $2.4 million, when compared to…