Mining company Riot Blockchain reports huge loss

Cryptocurrency mining company Riot Blockchain noted a $58 million loss in 2018, according to its 2018 financial report published yesterday.

Last July, the company set up an 8,000-miner facility in Oklahoma City. The company generated approximately $7.7 million in revenue, producing 1,081 bitcoins (including Bitcoin Cash) and 3,023 litecoins. Despite those gains—a positive gross margin of 33 per cent—taking everything into consideration, it recorded a loss due to non-cash aggregate impairments, depreciation, amortisation, and stock-based compensation expenses.

Original source
https://www.theblockcrypto.com/tiny/mining-company-riot-blockchain-reports-huge-loss/

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