- Mining contributed $64.7 million to the company’s top line during the period.
- The company earned an extra $13.5 million from its power curtailment credits.
Riot Platforms, a Bitcoin mining company headquartered out of Colorado, 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 Bitcoin 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.
New ATH Recorded
Mining 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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