Analysis Editor's Picks

Mining company Riot Blockchain announced a loss of 58 million dollars in 2018

Biotechnology company, which turned into a mining company Riot Blockchain, in its financial report, published on April 2, reported a net loss in 2018 in the amount of about $ 58 million.

According to the report, the company's net loss was mainly associated with non-cash cumulative depreciations, depreciation, amortization and share-based expenses of about $ 45.2 million. USA. Reportedly, the company also received about $ 7.7 million. USA per year by mining 1081 bitcoins (BTC), including converted Bitcoin CASH (BCH), and 3023 Litecoin (LTC) during the year.

The company claims that it does not have long-term debt, and that before depreciation, amortization and impairment, it felt a positive gross margin of 33 percent. Riot Blockchain also notes that the company’s investigation into the US Securities and Exchange Commission (SEC) is still ongoing and that the company is cooperating with the regulator.

Finally, the report notes that the company received a syndicate of creditors in the amount of $ 3 million. US in the form of interim financing.

The company received a subpoena from the SEC after it added the word blockchain to the name (like many other companies) in April last year.

The company also noted that work on its cryptocurrency exchange RiotX is still continuing after it submitted an application to the SEC for launch by the end of the second quarter of 2019 in March.

Related posts

Luna Foundation Guard Spent $2.8B to Defend UST Peg

Jai Hamid

Kevin O’Leary Claims Binance Put FTX Out of Business

Joseph Alalade

The Swiss company produces watches with a built-in bitcoin wallet