Riot Blockchain’s Revenue Breakdown by Segment (2017-2022)

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This statistic highlights Riot Blockchain’s Revenue by Segment, split across Cryptocurrency mining, Data Center Hosting, License Fees, and Other segments, reported on a quarterly basis from Q1 2017 onwards.
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This statistic highlights Riot Blockchain’s Revenue by Segment, split across Cryptocurrency mining, Data Center Hosting, License Fees, and Other segments, reported on a quarterly basis from Q1 2017 onwards.

Riot Blockchain’s Revenue by Segment

Revenue by Segment Q3 2020 Q2 2021  Q3 2021 Contribution in Q3 2021
Cryptocurrency mining $2.44 $31.45 $53.59 82.73%
Data Center Hosting $2.87 $11.19 17.27%
License fees $0.02 0%
Other $0.02 $0.02 0.03%
Total $2.47 $34.35 $64.81 100%

(All figures are in millions, except percentages)

Riot Blockchain’s Revenue by Segment increased $2.47 million in Q3 2020 to $64.81 million in Q3 2021, marking an excellent rise of 2524% on a year-on-year basis. It increased by 88.67% compared to $34.35 million earned in Q2 2021.

Riot Blockchain’s Revenue by Segment is further bifurcated:

Cryptocurrency Mining

The Company’s routine activities include providing computing power to solve sophisticated cryptographic algorithms in support of the Bitcoin network (a process known as “solving a block”). The only performance requirement in the Company’s contracts with mining pool operators, or customers, is to provide such processing power. The contracts can be terminated by any party at any moment, and the Company’s enforceable right to compensation begins only when it contributes computer power to the mining pool operator.

The Company’s cumulative income is determined by the fair value of the cryptocurrency awards it has received from mining pools. If the Company receives noncash transaction consideration, it is valued at fair value on the date it is received, which is not significantly different from that at contract start or when the Company has earned the award from pools. The Company’s fair value is determined using the quoted price on the linked cryptocurrency at the time of receipt.

The major component, about 82.73% of the company’s total revenue, was made up of Cryptocurrency mining. Riot Blockchain’s revenue owing to the Cryptocurrency mining segment increased from $2.44 million in Q3 2020 to $53.59 million in Q3 2021, indicating a rise of almost 2097% on a year-on-year basis. It decreased almost by 47% compared to $31.45 million earned in Q2 2021.

Data Center Hosting

Third-party mining firms that locate their mining hardware at the Company’s Rockdale, Texas site benefit from energized space as well as operations, and maintenance services. These agreements are accounted for as a single performance obligation for services given in a series, with delivery being measured by the mining hardware’s daily successful functioning. As a result, revenue is recognized throughout the contract as the Company meets its set of performance objectives.

Datacenter hosting revenue also includes revenue from the provision of installation services for certain hosted customers’ mining equipment. Riot charges the customer an hourly rate or a fixed fee per piece of equipment. There are no substantial warranty requirements for the Company. The Company makes use of the “right to invoice” clause. The revenue is realized once the installation is completed.

Riot Blockchain’s revenue from the Data Center Hosting segment climbed to $11.19 million in Q3 2021 and decreased by 74.35% as compared to  $2.87 earned in Q2 2021. It contributed 17.27% to the company’s revenue.

Other

Other revenue comes from an upfront license fee obtained by the previous animal health business. The upfront charge was recorded as deferred revenue, which will be amortized into revenue during the License Agreement’s length.

Other revenue consisting of license fees was not significant in either period and remained stagnant at $0.02 million from the last two quarters. Its contribution towards the company’s revenue was 0.03%.

About the Company

Riot Blockchain (NASDAQ: RIOT) is one of the most well-known cryptocurrency mining enterprises listed in NASDAQ  in North America. They’ve made the strategic decision to concentrate the efforts on bitcoin mining by deploying dedicated cryptocurrency mining processors (dubbed “miners” in the industry) developed only for bitcoin mining. They exclusively mined bitcoin and, to a lesser extent, litecoin with the Antminer series of miners produced by Bitmain Technologies Limited (“Bitmain”) as of the date of this Annual Report on Form 10-K.

Riot cryptocurrency mining operation provides them with the majority of their money. Their profit from the cryptocurrency that they earn through their mining efforts, which they can keep or sell at prices and periods set by their senior management team by the corporate plan. As part of a continuous effort to enhance the energy efficiency and cost-effectiveness of its cryptocurrency mining activities, the Company is also researching innovative cryptocurrency mining technology and other strategic initiatives.

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