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Brayden Lindrea44 minutes agoBitcoin miner Riot Platforms trims Q2 loss to $27.7MThe firm managed to narrow net loss in the quarter as it ramped up Bitcoin production.212 Total views2 Total sharesListen to article 0:00NewsJoin us on social networksColorado-based Bitcoin mining firm Riot Platforms narrowed its second quarter net loss to $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 — which was primarily driven by a 27% year-on-year increase in Bitcoin (BTC) production, offset by a decline in Bitcoin prices, according to the firm’s Aug. 9 results filing.


The firm’s mining revenue of $49.7 million attributed to 64.7% of the firm’s total revenue over the quarter. An additional $13.5 million was made through the firm’s power curtailment credits.


Meanwhile, its Q2 net loss was a massive reduction from the prior year period, which was $353.5 million. It was also around half the net loss posted in the first quarter of 2023.Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms


The firm produced 1,775 Bitcoin in the quarter, while its average cost to mine a Bitcoin (BTC) was $8,389 in Q2, beating beat Q1’s average price.


The mining firm also reached an all-time high hash rate capacity of 10.7 exahashes per second and anticipates this figure will reach 20.1 EH/s by the second quarter of 2024, before reaching 35.4 EH/s in 2025.


The estimates come following its purchase of 33,280 mining rigs in late June, with the 35.4 EH/s figure assuming that Riot will exercise its right to purchase an additional 66,560 miners at the same price and terms at some time in the near future.Riot predicts the facility"s hash rate capacity to increase from 10.7 EH/s at current levels to 35.4 EH/s in 2025. Source: Riot Platforms


Related:Marathon Digital Q2 results miss revenue and earnings forecasts


Despite Riot’s share price falling 4.42% earlier in the day, its share price fell another 0.86% in after hours, shortly after the firm’s results were released.Riot’s share price fell 0.86% to $16.34 in after hours trading. Source: Google Finance


Magazine:Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M# Bitcoin# Blockchain# Mining# Business# Bitcoin Mining# Press Release# Hash Rate# USAAdd reactionAdd reactionRelated NewsHow to send and receive payments on the Lightning NetworkBlackRock’s misguided effort to create ‘Crypto for Dummies’What will Bitcoin do if the Justice Department takes aim at Binance?Bitcoin mining difficulty hits all-time high as BTC miner selling peaksBitcoin miners hedging with recent sell-offs: Bitfinex reportBitcoin miners still bullish despite toughest bear market yet — Hut8, Foundry, Braiins

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