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. 

The company has no debt and reports it has secured $3 million in bridge financing.

The U.S. Securities and Exchange Commission is still investigating the company after having served it a subpoena in April 2018. As of now, the investigation is still ongoing, and Riot Blockchain states it has been cooperating with the SEC.