Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Riot Platforms has reported a net loss of $84.4 million due to a 52% decrease in Bitcoin production.</li>
 <li>Despite this, the company plans to reach a 36 EH/s hash rate capacity by late 2024.</li>
</ul>
<p>Riot Platforms, a notable NASDAQ-listed <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> miner, recently revealed an $84.4 million net loss in its latest quarterly financial report. This substantial loss comes despite the stability of Bitcoin’s price during this time.</p>
<h2 id="riot-s-revenue-and-loss">Riot’s Revenue and Loss</h2>
<p>The company’s losses are mainly due to a significant 52% year-on-year decrease in the amount of Bitcoin mined from April 1 to June 30. This sharp drop in production highlights the difficulties mining operations face amid changing industry dynamics.</p>
<p>Despite this overall decrease in Bitcoin production, Riot Platforms managed to generate $70.0 million in revenue for the quarter. It also maintained healthy gross margins within its primary Bitcoin mining operations.</p>
<h2 id="analysis-of-q2-report">Analysis of Q2 Report</h2>
<p>In addition to this, Riot secured $13.9 million in power credits, including $4.4 million from demand response initiatives. This helped to reduce the company’s average energy costs, bringing the average direct cost per Bitcoin mined down to $25,327.</p>
<p>Jason Les, CEO of Riot, commented on the results, expressing his satisfaction with the company’s operational growth and the execution of its long-term strategy.</p>
<p>With $646.5 million in working capital, including $481.2 million in cash and 9,334 Bitcoin valued at $585.0 million, Riot Platforms is well-positioned for growth. The firm’s goal is to achieve a 36 EH/s hash rate by the end of 2024, and it plans to increase its 2025 hash rate guidance to 56 EH/s.</p>
<p>Despite the challenges, Riot’s resilience is clear as the company aims to achieve a hash rate capacity of 36 EH/s by the end of 2024. As the Bitcoin mining landscape continues to evolve, it will be interesting to see how Riot navigates the ongoing changes in the competitive cryptocurrency sector.</p>

Riot Platforms’ Bitcoin Output Plunges by 52%, Records $84.4M Deficit

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CoinEagle.com

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