{"id":57801,"date":"2023-08-10T02:46:23","date_gmt":"2023-08-10T02:46:23","guid":{"rendered":"http:\/\/egrowonline.com\/?p=57801"},"modified":"2023-08-10T02:46:23","modified_gmt":"2023-08-10T02:46:23","slug":"bitcoin-miner-riot-platforms-trims-q2-loss-to-27-7m","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=57801","title":{"rendered":"Bitcoin miner Riot Platforms trims Q2 loss to $27.7M"},"content":{"rendered":"


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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. <\/p>\n

The crypto miner posted total revenue of $76.7 million \u2014 up 5.2% from Q2 2022 \u2014 which was primarily driven by a 27% year-on-year increase in Bitcoin (BTC)<\/a> production, offset by a decline in Bitcoin prices, according<\/a> to the firm\u2019s Aug. 9 results filing. <\/p>\n

The firm\u2019s mining revenue of $49.7 million attributed to 64.7% of the firm\u2019s total revenue over the quarter. An additional $13.5 million was made through the firm\u2019s power curtailment credits. <\/p>\n

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.<\/p>\n

Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms<\/em><\/figcaption><\/figure>\n

The firm produced 1,775 Bitcoin<\/a> in the quarter, while its average cost to mine a Bitcoin (BTC) was $8,389 in Q2, beating beat Q1\u2019s average price.<\/p>\n

The mining firm<\/a> 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. <\/p>\n

The estimates come following its purchase of 33,280 mining rigs<\/a> in late June, with the 35.4 EH\/s figure assuming that Riot will exercise its right to purchase an additional 66,560 miners at the same price and terms at some time in the near future.<\/p>\n

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<\/em><\/figcaption><\/figure>\n

Related: <\/em><\/strong>Marathon Digital Q2 results miss revenue and earnings forecasts <\/em><\/strong><\/a><\/p>\n

Despite Riot\u2019s share price falling 4.42% earlier in the day, its share price fell another 0.86% in after hours, shortly after the firm\u2019s results were released.<\/p>\n

Riot\u2019s share price fell 0.86% to $16.34 in after hours trading. Source: Google Finance<\/em><\/figcaption><\/figure>\n

Magazine: <\/em><\/strong>Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M<\/em><\/strong><\/a><\/p>\n<\/div>\n


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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 miner posted total revenue of $76.7 million \u2014 up 5.2% from Q2 2022 \u2014 which was primarily driven by a 27% year-on-year increase in Bitcoin […]<\/p>\n","protected":false},"author":1,"featured_media":57802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[16904,50,4636,1531,1208,3062,10718],"class_list":["post-57801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-277m","tag-bitcoin","tag-loss","tag-miner","tag-platforms","tag-riot","tag-trims"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/08\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDgvZGYwZGMyNmEtNDFkMy00OGExLTkzODgtNDA3ZmQ1NDI1YTQxLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/57801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57801"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/57801\/revisions"}],"predecessor-version":[{"id":57803,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/57801\/revisions\/57803"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/57802"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57801"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}