Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” or “the
Company”), an industry leader in Bitcoin (“BTC”) mining
and data center hosting, reported financial results for the
three-month period ended June 30, 2022. The unaudited financial
statements are available on Riot’s website and here.
“We are extremely encouraged by Riot’s financial resilience and
operational achievements this quarter,” said Jason Les, CEO of
Riot. “We continued to make substantial progress in executing
towards our ambitious growth plans, including completion of our
first immersion-cooled building and the successful transition of
all miners which were previously hosted by Coinmint to our
Whinstone Facility, which will further reduce our operating costs.
Going forward, we will continue to focus on executional excellence
as we work in pursuit of developing Riot into the world’s leading
Bitcoin-driven infrastructure platform.”
Second Quarter 2022 Financial Highlights
Riot continues to attain significant milestones while
positioning itself for future opportunities, driven by its focus on
Bitcoin mining. Key financial highlights for the second quarter
include:
- Increased total revenue by 112%
to $72.9 million for the three-month period ended June 30, 2022, as
compared to $34.3 million for the same three-month period in
2021.
- Increased
mining revenue by 47% to $46.2 million for the three-month period
ended June 30, 2022, as compared to $31.5 million for the same
three-month period in 2021, driven by an increase in the number of
BTC mined, which was negatively impacted by lower BTC values in Q2
2022 vs. Q2 2021.
- Reported data
center hosting revenue of $9.8 million for the three-month period
ended June 30, 2022, following the acquisition of Whinstone US in
Q2 2021.
- Reported $16.9
million in revenue from Engineering segment for the three-month
period ended June 30, 2022, following the acquisition of ESS Metron
in Q4 2021.
- Increased BTC
production quantity by 107% to 1,395 BTC during the three-month
period ended June 30, 2022, as compared to 675 BTC during the same
three-month period in 2021.
- Raised $267.0 million in net
proceeds from the sale of approximately 30.6 million shares of Riot
common stock via our previously announced at-the-market equity
offering, further strengthening Riot’s industry-leading financial
position amid challenging market conditions for the sector.
- Reported $496.4 million in current
assets as of June 30, 2022, with $270.5 million in cash on hand, up
from $113.6 million at the end of Q1 2022, and 6,653 BTC
(unaudited), all of which were produced by the Company’s
self-mining operations.
Second Quarter 2022 Financial Results
Mining revenue in excess of mining cost of revenues (excluding
depreciation and amortization), was $28.2 million (61% of mining
revenue), which compares to $22.1 million (70% of mining revenue)
for the same three-month period in 2021. Mining revenue margin was
modestly lower on a year-over-year basis primarily due to a 28%
decrease in the average price of Bitcoin, and a 33% increase in the
average Bitcoin mining difficulty index, during the second quarter
of 2022 compared to the same three-month period in 2021. Despite
the significant decrease in the price of BTC and increase in
variable mining costs associated with greater BTC production this
quarter relative to the same three-month period in 2021, improved
operating efficiencies, driven in part by a greater proportion of
new generation miners deployed at Riot’s Whinstone Facility, where
lower production costs benefited our mining revenue margins.
Power curtailment credits received, based on our ability under
long-term power agreements, to sell power back to the ERCOT grid at
market-driven spot prices and thereby reducing our operating costs,
totaled approximately $5.7 million for the quarter ended June 30,
2022. If total Power curtailment credits were not presented to
reduce operating costs, but rather allocated between Cost of
revenues – Mining and Cost of revenues – Data Center Hosting, based
on proportional power consumption, Cost of revenues – Mining would
have decreased by $2.2 million, increasing Mining revenue margin to
$30.4 million (66% of mining revenue) on a non-GAAP basis.
Selling, general, and administrative ("SG&A") expenses
increased by $7.2 million to $10.7 million, as compared to $3.5
million for the same three-month period in 2021, primarily due to
an increase in compensation-related expense of $2.1 million, which
came about as a result of the hiring of additional employees to
support the Company’s ongoing growth, an increase in audit and
consulting fees of $2.2 million resulting primarily from assistance
on internal control systems and procedures and IT projects, an
increase in insurance expense of $0.8 million, and other general
operating costs.
Net loss for the quarter ended June 30, 2022, was $(366.3)
million, or $(2.81) per share, as compared to net income of $19.3
million, or $0.22 per share, in the same three-month period in
2021. Net loss for the quarter was negatively impacted by a $349.1
million non-cash accounting impairment of goodwill, a $99.8 million
non-cash accounting impairment on Bitcoin held, and an unrealized
loss of $4.8 million on marketable equity securities, which was
partially offset by an increase in fair value of derivative asset
of $60.9 million, a gain on exchange of equipment of $8.6 million,
and a $14.4 million gain on sale of Bitcoin.
Non-GAAP Adjusted EBITDA for the quarter ended June 30, 2022 was
$(65.2) million, as compared to Non-GAAP Adjusted EBITDA of $2.4
million for the same three-month period in 2021. A non-cash
accounting impairment of goodwill of $349.1 million and a $99.8
million non-cash accounting impairment on Bitcoin held, negatively
impacted net income for the quarter, which also impacted Non-GAAP
Adjusted EBITDA. The Company determined, starting in Q4 2021, to
exclude impairments and gains or losses on sales or exchanges of
cryptocurrencies from its calculation of Non-GAAP Adjusted
EBITDA.
Second Quarter 2022 and Recent Operational
Highlights
- As of June 30,
2022, the Company had a deployed fleet of 44,720 ASIC miners, with
a hash rate capacity of 4.4 EH/s.
- Subsequent to
June 30, 2022, received an additional 9,316 new S19j Pros, and
deployed 4,320 S19j Pros in Riot’s immersion-cooled buildings, with
an additional 7,200 miners staged for deployment. Upon deployment
of the staged miners, Riot expects to have a total of 47,511 miners
deployed with a hash rate capacity of approximately 4.9 EH/s.
- Continued to
make significant progress on the Company’s 400 megawatt (“MW”)
expansion at its Whinstone Facility. The expansion is expected to
be completed in Q1 2023, the final components of the buildout of
each building are being completed in parallel with miner
deployments.
- Completed
Riot’s first immersion-cooled building at its Whinstone Facility,
Building F, with 23,000 S19 series miners fully operational.
Placement of miners in Building G, Riot’s second immersion-cooled
building, continues with initial miners already deployed and
hashing.
- Began development of the Company’s
previously announced 265-acre, 1 gigawatt expansion site in Navarro
County, Texas, with Bitcoin mining operations at the new facility
remaining on track to commence summer 2023.
- Currently all
miners previously hosted at Coinmint LLC’s Massena, NY facility
have been either relocated to the Company’s Whinstone Facility by
way of a miner swap agreement with another Bitcoin mining
counterparty or shipped to the Whinstone Facility. This transition
is expected to further improve Riot’s mining revenue margin through
reduced power costs and elimination of all third-party hosting
fees.
Hash Rate Growth
By Q1 2023, Riot anticipates a total self-mining hash rate
capacity of approximately 12.5 EH/s, assuming full deployment of
approximately 115,450 Antminer ASICs and excluding any potential
expected incremental productivity gains from the Company’s
utilization of 200 MW of immersion-cooling infrastructure.
Substantially all of the Company’s self-mining fleet will consist
of the latest generation S19 series miner model.
In addition to the Company’s self-mining operations, Riot hosts
approximately 200 MW of institutional Bitcoin mining clients.
ATM Offering
As previously disclosed on March 31, 2022, the Company filed a
prospectus supplement with the U.S. Securities and Exchange
Commission to offer and sell up to $500 million of the Company’s
common stock from time to time. As of June 30, 2022, the Company
had received net proceeds on sales of 30.6 million of the Company’s
common stock of approximately $270.6 million, further strengthening
Riot’s financial position amid challenging market conditions. Net
proceeds are anticipated to be used towards financing Riot’s
ambitious growth opportunities, as well as for general corporate
purposes. Subsequent to June 30, 2022, and as of the date of
filing, the Company received additional net proceeds on sales of
approximately 6.5 million shares of common stock of approximately
$31.5 million.
Goodwill Impairment
Due to adverse market conditions in the second quarter of 2022
the Company performed an interim goodwill impairment assessment, as
of June 30, 2022, assisted by an independent valuation specialist
firm. This assessment included a comparison of publicly traded peer
company valuation multiples and Riot’s adjusted market
capitalization as of June 30, 2022, a period of extreme uncertainty
in the broader Bitcoin ecosystem and near year-to-date lows for the
Company and industry market valuations. As a result of this
assessment, Riot recorded an impairment to goodwill of
$349.1million related to the acquisitions of Whinstone US and ESS
Metron in 2021.
“Our acquisitions of Whinstone US and ESS Metron remain the
foundation of our vertically-integrated strategy and are the reason
Riot is positioned as an industry leader today,” said Jason Les,
CEO of Riot. “Although challenging global market conditions in the
second quarter, further impacted by a steep decline in the price of
Bitcoin and resulting decline in market valuations for
publicly-traded Bitcoin miners, including Riot, necessitated
non-cash impairment charges this quarter, these non-cash charges
had no impact on our solid financial position and ample liquidity,
both of which were further strengthened this quarter. We remain
extremely excited by the additional growth and development
opportunities, including our successfully demonstrated proprietary
power strategy, which these acquisitions have made available to
us.”
About Riot Blockchain, Inc.
Riot Blockchain’s (NASDAQ: RIOT) vision is to be the world’s
leading Bitcoin-driven infrastructure platform.
Our mission is to positively impact the sectors, networks and
communities that we touch. We believe that the combination of an
innovative spirit and strong community partnership allows the
Company to achieve best-in-class execution and create successful
outcomes.
Riot is a Bitcoin mining and digital infrastructure company
focused on a vertically integrated strategy. The Company has
Bitcoin mining data center operations in central Texas, Bitcoin
mining operations in central Texas, and electrical switchgear
engineering and fabrication operations in Denver, Colorado.
For more information, visit www.RiotBlockchain.com.
Safe Harbor
Statements in this press release that are not historical facts
are forward-looking statements that reflect management’s current
expectations, assumptions, and estimates of future performance and
economic conditions. Such statements rely on the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Because such statements
are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as “anticipates,” “believes,” “plans,”
“expects,” “intends,” “will,” “potential,” “hope,” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements may include, but are not limited
to, statements about the benefits of acquisitions, including
financial and operating results, and the Company’s plans,
objectives, expectations, and intentions. Among the risks and
uncertainties that could cause actual results to differ from those
expressed in forward-looking statements include, but are not
limited to: unaudited estimates of Bitcoin production; our future
hash rate growth (EH/s); the anticipated benefits, construction
schedule, and costs associated with the Navarro site expansion; our
expected schedule of new miner deliveries; our ability to
successfully deploy new miners; M.W. capacity under development; we
may not be able to realize the anticipated benefits from
immersion-cooling; the integration of acquired businesses may not
be successful, or such integration may take longer or be more
difficult, time-consuming or costly to accomplish than anticipated;
failure to otherwise realize anticipated efficiencies and strategic
and financial benefits from our acquisitions; and the impact of
COVID-19 on us, our customers, or on our suppliers in connection
with our estimated timelines. Detailed information regarding the
factors identified by the Company’s management which they believe
may cause actual results to differ materially from those expressed
or implied by such forward-looking statements in this press release
may be found in the Company’s filings with the U.S. Securities and
Exchange Commission (the “SEC”), including the risks, uncertainties
and other factors discussed under the sections entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
of the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2021, as amended, and the other filings the
Company makes with the SEC, copies of which may be obtained from
the SEC’s website, www.sec.gov. All forward-looking statements
included in this press release are made only as of the date of this
press release, and the Company disclaims any intention or
obligation to update or revise any such forward-looking statements
to reflect events or circumstances that subsequently occur, or of
which the Company hereafter becomes aware, except as required by
law. Persons reading this press release are cautioned not to place
undue reliance on such forward-looking statements.
For further information, please contact:
Investor Contact:
Phil McPhersonIR@RiotBlockchain.com303-794-2000 ext. 110
Media Contact:
Alexis Brock PR@RiotBlockchain.com512-940-6014
Non-U.S. GAAP Measures of Financial
Performance
In addition to consolidated U.S. GAAP financial measures, we
consistently evaluate our use and calculation of the non-GAAP
financial measures, “Adjusted EBITDA” and Adjusted earnings per
share (“Adjusted EPS”).
Adjusted EBITDA is a financial measure defined as our EBITDA,
adjusted to eliminate the effects of certain non-cash and / or
non-recurring items, that do not reflect our ongoing strategic
business operations. EBITDA is computed as net income before
interest, taxes, depreciation, and amortization. Adjusted EBITDA is
EBITDA further adjusted, for certain income and expenses,
management believes results in a performance measurement that
represents a key indicator of the Company’s core business
operations of Bitcoin mining. The adjustments include fair value
adjustments such as derivative power contract adjustments, equity
securities value changes, and non-cash stock-based compensation
expense, in addition to financing and legacy business income and
expense items. The Company determined to exclude impairments and
gains or losses on sales or exchanges of cryptocurrencies from our
calculation of Adjusted Non-GAAP EBITDA for all periods
presented.
Adjusted EPS is a financial measure defined as
our EBITDA divided by our diluted weighted-average shares
outstanding, adjusted to eliminate the effects of certain non-cash
and / or non-recurring items, that do not reflect our ongoing
strategic business operations. EBITDA is computed as net income
before interest, taxes, depreciation, and amortization. Adjusted
EPS is EBITDA further adjusted for certain income and expenses,
which management believes results in a performance measurement that
represents a key indicator of the Company’s core business
operations of Bitcoin mining. The adjustments include fair value
adjustments such as derivative power contract adjustments, equity
securities value changes, and non-cash stock-based compensation
expense, in addition to financing and legacy business income and
expense items. The Company determined to exclude impairments and
gains or losses on sales or exchanges of cryptocurrencies from our
calculation of Adjusted Non-GAAP EPS for all periods presented.
We believe Adjusted EBITDA and Adjusted EPS can be important
financial measures because they allow management, investors, and
our board of directors to evaluate and compare our operating
results, including our return on capital and operating
efficiencies, from period-to-period by making such adjustments.
Adjusted EBITDA and Adjusted EPS are provided in addition to and
should not be considered to be substitutes for, or superior to net
income, the comparable measure under U.S. GAAP. Further, Adjusted
EBITDA and Adjusted EPS should not be considered as alternatives to
revenue growth, net income, diluted earnings per share or any other
performance measure derived in accordance with U.S. GAAP, or as
alternatives to cash flow from operating activities as a measure of
our liquidity. Adjusted EBITDA and Adjusted EPS have limitations as
analytical tools, and you should not consider such measures either
in isolation or as substitutes for analyzing our results as
reported under U.S. GAAP.
Reconciliations of Adjusted EBITDA and Adjusted EPS to the most
comparable U.S. GAAP financial metrics for historical periods are
presented in the tables below:
Riot Blockchain, Inc. and
SubsidiariesReconciliation of GAAP and Non-GAAP
Financial Information(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in
thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
|
(366,334 |
) |
$ |
|
19,337 |
|
$ |
|
(330,705 |
) |
|
$ |
|
26,867 |
|
Interest (income) expense |
|
|
— |
|
|
|
(80 |
) |
|
|
357 |
|
|
|
|
(255 |
) |
Income tax expense (benefit) |
|
|
(6,199 |
) |
|
|
3,730 |
|
|
|
(5,887 |
) |
|
|
|
3,730 |
|
Depreciation and amortization |
|
|
20,562 |
|
|
|
5,738 |
|
|
|
34,807 |
|
|
|
|
8,584 |
|
EBITDA |
|
|
(351,971 |
) |
|
|
28,725 |
|
|
|
(301,428 |
) |
|
|
|
38,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash/non-recurring
operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
701 |
|
|
|
970 |
|
|
|
3,743 |
|
|
|
|
1,905 |
|
Acquisition-related costs |
|
|
— |
|
|
|
17,032 |
|
|
|
78 |
|
|
|
|
18,342 |
|
Change in fair value of derivative asset |
|
|
(60,931 |
) |
|
|
(16,393 |
) |
|
|
(104,614 |
) |
|
|
|
(16,393 |
) |
Change in fair value of contingent consideration |
|
|
— |
|
|
|
185 |
|
|
|
176 |
|
|
|
|
185 |
|
Realized loss on sale of marketable equity securities |
|
|
1,624 |
|
|
|
— |
|
|
|
1,624 |
|
|
|
|
— |
|
Unrealized loss (gain) on marketable equity securities |
|
|
4,837 |
|
|
|
(339 |
) |
|
|
6,448 |
|
|
|
|
(339 |
) |
Realized gain on sale/exchange of long-term investment |
|
|
— |
|
|
|
(26,260 |
) |
|
|
— |
|
|
|
|
(26,260 |
) |
Gain on exchange of equipment |
|
|
(8,614 |
) |
|
|
— |
|
|
|
(8,614 |
) |
|
|
|
— |
|
Impairment of goodwill |
|
|
349,148 |
|
|
|
— |
|
|
|
349,148 |
|
|
|
|
— |
|
Other (income) expense |
|
|
59 |
|
|
|
(1,510 |
) |
|
|
59 |
|
|
|
|
(1,510 |
) |
Other revenue, (income)
expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
|
(24 |
) |
|
|
(24 |
) |
|
|
(48 |
) |
|
|
|
(48 |
) |
Adjusted EBITDA |
$ |
|
(65,170 |
) |
$ |
|
2,386 |
|
$ |
|
(53,428 |
) |
|
$ |
|
14,808 |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
(in
thousands) |
|
2022 |
|
|
|
2021 |
|
2022 |
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
|
(2.81 |
) |
$ |
|
0.22 |
|
|
$ |
|
(2.67 |
) |
|
$ |
|
0.31 |
|
|
Interest (income) expense |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Income tax expense (benefit) |
|
|
(0.05 |
) |
|
|
0.04 |
|
|
|
|
(0.05 |
) |
|
|
|
0.04 |
|
|
Depreciation and amortization |
|
|
0.16 |
|
|
|
0.06 |
|
|
|
|
0.28 |
|
|
|
|
0.10 |
|
|
EBITDA |
|
|
(2.70 |
) |
|
|
0.32 |
|
|
|
|
(2.44 |
) |
|
|
|
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash/non-recurring
operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
0.03 |
|
|
|
|
0.02 |
|
|
Acquisition-related costs |
|
|
— |
|
|
|
0.19 |
|
|
|
|
— |
|
|
|
|
0.21 |
|
|
Change in fair value of derivative asset |
|
|
(0.47 |
) |
|
|
(0.18 |
) |
|
|
|
(0.85 |
) |
|
|
|
(0.19 |
) |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Realized loss on sale of marketable equity securities |
|
|
0.01 |
|
|
|
— |
|
|
|
|
0.01 |
|
|
|
|
— |
|
|
Unrealized loss (gain) on marketable equity securities |
|
|
0.04 |
|
|
|
— |
|
|
|
|
0.05 |
|
|
|
|
— |
|
|
Realized gain on sale/exchange of long-term investment |
|
|
— |
|
|
|
(0.29 |
) |
|
|
|
— |
|
|
|
|
(0.30 |
) |
|
Gain on exchange of equipment |
|
|
(0.07 |
) |
|
|
— |
|
|
|
|
(0.07 |
) |
|
|
|
— |
|
|
Impairment of goodwill |
|
|
2.68 |
|
|
|
— |
|
|
|
|
2.82 |
|
|
|
|
— |
|
|
Other (income) expense |
|
|
— |
|
|
|
(0.02 |
) |
|
|
|
— |
|
|
|
|
(0.02 |
) |
|
Other revenue, (income)
expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Adjusted EPS |
$ |
|
(0.50 |
) |
$ |
|
0.03 |
|
|
$ |
|
(0.43 |
) |
|
$ |
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
number of shares outstanding |
|
|
130,405,502 |
|
|
|
89,241,044 |
|
|
|
|
123,760,839 |
|
|
|
|
86,501,471 |
|
|
In addition to the non-GAAP financial measures Adjusted EBITDA
and Adjusted EPS described above, we believe “Cost of revenues –
Mining, net of power curtailment credits” and “Cost of revenues –
Data Center Hosting” are two additional performance measurements
that represent a key indicator of the Company’s core business
operations of both Bitcoin mining and Data Center Hosting. These
measurements are defined as Cost of revenues – Mining less power
curtailment credits and Cost of revenues – Data Center Hosting less
power curtailment credits, respectively.
We believe our ability to sell power back to the grid at
market-driven spot prices, thereby reducing our operating costs, is
integral to our overall strategy, specifically our power management
strategy and our commitment to supporting the ERCOT grid. While
participation in various grid demand response programs may impact
our Bitcoin production, we view this as an important part of our
partnership-driven approach with ERCOT and our commitment to being
a good corporate citizen in our communities.
We believe netting the power sales against our costs can be an
important financial measure because it allows management,
investors, and our board of directors to evaluate and compare our
operating results, including our operating efficiencies, from
period-to-period by making such adjustments. In the table below, we
have allocated the benefit of the power sales to our Data center
hosting and Mining segments based on their proportional power
consumption during the periods presented.
“Cost of revenues – Mining, net of power curtailment credits”
and “Cost of revenues – Data Center Hosting, net of power
curtailment credits” are provided in addition to and should not be
considered to be a substitute for, or superior to Cost of revenues
– Mining or Cost of revenues – Data Center Hosting as presented in
our consolidated statements of operations.
Reconciliations of these measurements to the most comparable
U.S. GAAP financial metrics for historical periods are presented in
the table below:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Cost of revenues – Data Center Hosting |
$ |
|
15,184 |
|
$ |
|
3,736 |
|
|
$ |
30,169 |
|
$ |
|
3,736 |
|
Power curtailment credits |
|
|
(3,497 |
) |
|
|
(1,143 |
) |
|
|
(5,438 |
) |
|
|
(1,143 |
) |
Cost of revenues – Data Center
Hosting, net of power curtailment credits |
$ |
|
11,687 |
|
$ |
|
2,593 |
|
$ |
|
24,731 |
|
$ |
|
2,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues - Mining |
$ |
|
17,995 |
|
$ |
|
9,325 |
|
$ |
|
37,089 |
|
$ |
|
16,859 |
|
Power curtailment credits |
|
|
(2,209 |
) |
|
|
— |
|
|
|
(2,820 |
) |
|
|
— |
|
Cost of revenues - Mining, net
of power curtailment credits |
$ |
|
15,786 |
|
$ |
|
9,325 |
|
$ |
|
34,269 |
|
$ |
|
16,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total power curtailment
credits |
$ |
|
(5,706 |
) |
$ |
|
(1,143 |
) |
$ |
|
(8,258 |
) |
$ |
|
(1,143 |
) |
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