Silver Spring, MD, Nov. 11, 2022 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced results for the third quarter ending September 30, 2022.
Third Quarter 2022 Financial HighlightsRevenue for the first nine months of 2022 rose 83% to $1.4 million compared to $0.8 million for the same period in 2021. However, revenue decreased by 33% from the second quarter of 2022 to $0.3 million for the third quarter of 2022. The revenue decline is a result of Digital Asset prices remaining depressed throughout the quarter after crypto markets hit a 2022 low in mid-June.
Despite a 12% reduction in validator expenses quarter over quarter through the implementation of streamlined operations, gross margins for Q3 2022 decreased slightly to 76%, down from Q2 2022’s 82% gross margin. This was a result of a decline in Digital Asset prices. Gross margins were 78% for the first nine months of 2022 down from 81% during the same
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