U.S. Crypto Mining Firm Riot Blockchain Reveals Loses $58 Million in a Year2

Bitcoin miners are now recovering from the effects of the bearish wave that engulfed the market last year until the beginning of 2019. Cryptocurrency mining firm Riot Blockchain published its financial report, which showed a net loss of $58 million for the 2018 fiscal year. The former veterinary and life science firm swooped into the mining business, adding blockchain to its name following the industry hype.

The company attributes the losses to the depreciation of assets, non-cash aggregate impairments, compensation, and amortization expenses that the company racked up in the year. The report stated that all of these costs amounted to a $45.2 million deficit in its bottom line.

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