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Nasdaq Listed Riot Blockchain Sees Slight Growth in Q1 2020

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 Riot Blockchain, which is a public digital currency mining firm, saw a slight increase in earnings per share (EPS) during the first quarter of 2020. The Bitcoin mining outfit shared its financial results and highlights for the quarter ended on March 31, 2020.

Nasdaq listed Riot Blockchain is making significant progress in the market. In its announcement, the mining company revealed the conclusion of the SEC investigation, and the complete revamp of mining rigs in its Oklahoma mining farm. The firm wrote:

 “As compared to the same period last year, during the quarter ended March 31, 2020, Riot announced increased revenues and decreased SG&A expenses excluding stock-based compensation. As compared to December 31, 2019, the Company has substantially improved its liquidity position and increased total stockholder’s equity.”

Nasdaq listed Riot Blockchain installs next generation Bitmain S19 Antiminers

In its announcement, Riot emphasized the successful stationing of the 4,000 Bitmain S17 Pro Antminers purchased late last year; and the addition of the 2,040 Bitmain S19 Antminer revamped in April 2020.

Following the spread of the COVID-19 pandemic, the BTC mining outfit shifted a substantial amount of its S17 Antiminers; to a mining facility in New York which is run by Coinmint. Riot contemplates the new mining equipment will raise the firm’s current average hash rate by a massive 84%. Riot plans to station the new rigs by Q3 this year. 

Q1 2020 Riot Blockchain financial results 

According to the report, Riot Blockchain launched 281 freshly minted BTC coins during Q1 of 2020. The firm grew its Bitcoin directory by 60%, to 821 BTC between December 31, 2019 and March 31, 2020.

In addition, Riot Blockchain saw boosted business assets on March 31 this year, rising from $9.3 million on December 31, 2019, to $17 million on March 31, 2020. Moreover, the firm reduced its total liabilities by $300,000, to $3.8 million within the same period.

In conclusion, the mining firm reported that total mining income grew by 68% to $2.4 million, in contrast to the $1.4 million made during Q1 of 2019.

Germany Clarifies Bitcoin As Financial Instrument and Crypto Custodians as Financial Institutions

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EU’s Top financial authority, Bafin is reportedly recommended bitcoin as financial instruments and the crypto custodians as the financial instruments.

The recommendation was made following the AMLD5 ( fifth EU Money Laundering Directive) which rolled early this year. Interestingly, AMLD5 will also have an impact on Germany’s Banking Act and Payment Supervision Services Act. Noticeably, in a press release officially released on March 03, Bafin notes that;

“[A] digital representation of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified by law and that does not have the legal status of a currency or money, but is accepted as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically”

It was also noted that the new classification that BaFin provides also complies with the guidelines shared by intergovernmental agencies such as FATF (Financial Action Task Force). However, what’s more, interesting is that the agency also recommended crypto custodial platforms.

While Bafin considers crypto custodial providers like financial institutions, it also states that these platforms must obtain a license to continue operating their businesses in the country. More so, it also notes that platforms operating within the country without a license are advised to secure one by the end of November 2020. However, these platforms should also ensure their readiness to apply for a license by the end of this month.

What’s more, the platforms which are operating in other regions should apply for a new license to operate their business in Germany and cannot passport the license of other countries to Germany.

In a nutshell, Germany appears to be a crypto-friendly regulatory region. Consequently, as soon as the country hints its upcoming plan in January, reports rolled the next month, February, noting that almost 40 banks have applied for the license. Besides, stock exchanges including Germany’s second-largest stock exchange, Boerse Stuttgart also showed interest in the crypto ecosystem.