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 <p class="is-style-lead">Bitcoin miner Riot has unveiled its financial results for Q2 2023, reporting a total revenue of $76.7 million.</p> 
 <p>The results highlight the company’s resilience in a fluctuating market, with a 27% <a rel="noopener noreferrer nofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a> in Bitcoin <a rel="noopener noreferrer nofollow" title="production" href="https://thebittimes.com/tag/production.html">production</a> contributing significantly to its success.</p> 
 <p>Riot has reduced the average cost of mining Bitcoin to $8,389, down from $11,316 in the same quarter last year. This reduction comes despite a lower average Bitcoin price of $28,024 in Q2 2023, compared to $33,083 in Q2 2022.</p> 
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 <p>Riot’s partnership with Midas Immersion aims to make Riot’s Corsicana Facility the largest and most advanced immersion cooling deployment for Bitcoin mining worldwide.</p> 
 <p>Additionally, Riot announced a long-term purchase agreement with MicroBT, securing 33,280 next-generation miners with an option to purchase another 66,560. These acquisitions are expected to add 7.6 EH/s by mid-2024 and are specifically designed for immersion cooling.</p> 
 <p>The company aims to ramp up its hash rate to 35.4 EH/s by 2025 by adding the entire MicroBT miner order.</p> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" loading="lazy" width="997" height="485" src="https://cdn.thebittimes.com/images/2023/08/10/e7036c1c87171dbcb308e1a41d441440.webp" alt="Riot increases Bitcoin production by 27% - 1" class="wp-image-14184565"> 
  <figcaption class="wp-element-caption">
    Riot predicts Hash Rate Growth from 10.7 to 35.4 EH/s by 2025 | Source: Riot Platforms 
  </figcaption> 
 </figure> 
 <h2 class="wp-block-heading" id="strong-energy-sales-offset-btc-production-strong"><strong>Energy sales offset BTC production</strong></h2> 
 <p>In June 2023, Riot produced 460 Bitcoin, a drop from the 757 Bitcoin mined in May 2023.</p> 
 <p>Despite this reduction, Riot’s power strategy generated approximately $10 million through power sales and demand response revenue.</p> 
 <p>Riot’s strategic approach to power utilization during Texas’s June heatwave generated $8.4 million in power sales and $1.6 million in demand response revenue. This gives Riot a competitive edge and reflects its commitment to supporting the broader energy grid.</p> 
 <p>Unlike most U.S. miners who sold Bitcoin to secure profits during June’s price surge, Riot demonstrated caution by selling only 400 Bitcoins, reflecting confidence in its unique power strategy.</p> 
 <p>However, Riot has faced challenges, including a severe winter storm in Texas that impacted the company’s hash rate growth. Repairs are expected to be completed by August.</p> 
 <p>A decrease in revenue from data center hosting to $7.7 million from $9.8 million in the same period in 2022 was reported, and the quarter ended with a net loss of $27.7 million. This loss, though substantial, is much lower than the net loss of $353.6 million in Q2 2022.</p> 
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Riot increases Bitcoin production by 27%

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