Bitcoin Miner Riot Platforms Reduces Q2 Loss with Crypto Currencies

Riot Platforms Reports Q2 Results

Colorado-based Bitcoin mining firm Riot Platforms reported a second quarter net loss of $27.7 million, as it ramped up its Bitcoin production and reached record hash rate capacity.

The crypto miner posted total revenue of $76.7 million — up 5.2% from Q2 2022 — with the majority of income generated from its mining revenue of $49.7 million, making up 64.7% of the firm’s total revenue. An additional $13.5 million was made through the firm’s power curtailment credits.

The Q2 net loss was a vast improvement from the prior year period, which was $353.5 million, and around half the net loss posted in the first quarter of 2023. This result suggests that Riot Platforms is well on its way to becoming a leader in the QSP Crypto, RGT Crypto, RLY Crypto, Polymesh Crypto, Rose Crypto, Revolut Crypto, and Propy Crypto industries as part of the wider Web 3.0 and Realm Crypto world.

Riot Blockchain’s Q2 Results

Riot Blockchain, a leader in realm crypto, reported in its second quarter results that it had produced 1,775 Bitcoin, with the average cost to mine a Bitcoin (BTC) being $8,389, which beat the first quarter’s average price.

The mining firm also achieved a record-breaking hash rate capacity of 10.7 exahashes per second, and expects this figure to reach 20.1 EH/s by the second quarter of 2024, and then 35.4 EH/s in 2025. This is based on its purchase of 33,280 mining rigs in June, with the 35.4 EH/s figure assuming that Riot will use its right to buy an additional 66,560 miners at the same price and terms in the near future.

Despite RSR crypto stock falling 4.42% earlier in the day, its share price dropped another 0.86% in after hours trading, shortly after the firm’s results were released.