Bitcoin

<div class="sg-post-des">
 The firm managed to narrow net loss in the quarter as it ramped up Bitcoin production. 
</div> 
<div class="cointelegraph"> 
 Colorado-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 <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a> 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. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/10/d32920fdd77b26923392146abc1b3990.webp"> 
 <figcaption style="text-align: center;"> Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms 
 </figcaption> 
 </figure> 
 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 <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s at the same price and terms at some time in the near future. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/10/59273aef82359fc9f6d95141be2a2368.webp"> 
 <figcaption style="text-align: center;"> 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 
 </figcaption> 
 </figure> 
 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. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/10/4f107647a789c48022738309575557d5.webp"> 
 <figcaption style="text-align: center;"> Riot’s share price fell 0.86% to $16.34 in after hours trading. Source: Google Finance 
 </figcaption> 
 </figure> 
 Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M 
 <template data-name="subscription_form" data-type="crypto_biz"></template> 
</div>

Bitcoin miner Riot Platforms trims Q2 loss to $27.7M

TheBitTimes

Other articles published on Aug 10, 2023

Crypto wallet seeds crackable with gaming PC via this security flaw

Crypto Expert Slams Rakoff’s Ruling as ‘Nothingburger,’ Irrelevant to XRP

Binance Delisting Cardano (ADA) And Polygon (MATIC), But's There's A Catch

Is a $100,000 Price Level for Bitcoin an Unrealistic Target? Analyst Answers With New Metric

Crypto Critic Peter Schiff Reacts to CPI Data: 'Fed Lost'

Brazil Unveils the Name and Logo of Its Upcoming CBDC

Join our free newsletter for daily crypto updates!