Bitcoin

<ul> 
 <li>Mining contributed $64.7 million to the company’s top line during the period.</li> 
 <li>The company earned an extra $13.5 million from its power curtailment credits.</li> 
</ul> 
<a href="https://www.riotplatforms.com/" target="_blank" rel="noopener noreferrer nofollow">Riot Platforms</a>, a Bitcoin mining company headquartered out of <a href="https://en.wikipedia.org/wiki/Colorado" target="_blank" rel="noopener noreferrer nofollow">Colorado</a>, cut its quarterly net loss to $27.7 million as it increased Bitcoin output and hit record hash rate capacity. 
A 27% year-over-year rise in <a href="https://thenewscrypto.com/altcoins-pumping-hard-as-bitcoin-btc-touches-30k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> output, although being somewhat offset by a fall in Bitcoin prices, led to the cryptocurrency miner’s total revenue of $76.7 million, up 5.2% from Q2 2022, as reported in the company’s results filing on August 9. 
<h3 class="wp-block-heading" id="h-new-ath-recorded">New ATH Recorded</h3> 
<a href="https://thenewscrypto.com/mining-news-stablecoin-issuer-tether-introduces-software-for-bitcoin-mining-gears/" target="_blank" rel="noopener noreferrer nofollow">Mining</a> contributed $64.7 million to the company’s top line during the period, for a 64.7% share. The company earned an extra $13.5 million from its power curtailment credits. Meanwhile, the company’s net loss in Q2 shrank significantly from the same quarter a year ago, when it was $353.5 million. It was also almost 50% of the net loss reported in Q1 2023. 
While the average cost to mine a Bitcoin (BTC) for the firm in Q2 was $8,389, the company nevertheless managed to create 1,775 BTC at the end of the quarter. The mining company also set a new ATH with a hash rate of 10.7 EH/s and forecasts that it will grow to 20.1 EH/s by the second quarter of 2024 and 35.4 EH/s by the end of the following year. 
These projections reflect Riot’s late-June acquisition of 33,280 mining rigs, with the 35.4 EH/s number predicated on the assumption that Riot would eventually exercise its option to acquire an additional 66,560 miners at the same price and conditions. Riot’s stock price dropped by 4.42% throughout the day and another 0.86% in after-hours, just after the company announced its financial results. 
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Bitcoin Mining Firm Riot Platform Posts Q2 Net Loss of $27.7M

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