Riot Platforms, a Bitcoin mining company based in Colorado, reduced its second quarter net loss to $27.7 million as a result of increasing its Bitcoin production and hitting record hash rate capacity.
According to the company’s August 9 results filing, the cryptocurrency miner reported total income of $76.7 million, an increase of 5.2% from Q2 2022. This rise was mostly the result of a 27% year-over-year rise in Bitcoin production, which was somewhat offset by a fall in Bitcoin pricing.
The company’s $49.7 million in mining sales accounted for 64.7% of its overall quarterly revenue. The company’s power curtailment credits generated an extra $13.5 million in revenue.
The company’s Q2 net loss was significantly lower than the same quarter a year earlier when it was $353.5 million. Additionally, it was less than half of the net loss reported for the first quarter of 2023.
The company mined 1,775 Bitcoin during the quarter, and its average price was $8,389 in Q2, exceeding Q1’s average price.
The mining company also reached a record-breaking hash rate capacity of 10.7 exahashes per second and predicts that this number would rise to 20.1 EH/s by the second quarter of 2024 and then to 35.4 EH/s in 2025.
riotRiot reduces Q2 net loss to $27.7 MillionThe forecasts reflect Riot’s acquisition of 33,280 mining rigs in late June; the 35.4 EH/s figure assumes that Riot will eventually exercise its right to acquire another 66,560 miners at an same price and terms.
Despite Riot’s stock price dropping by 4.42% earlier in the day, it lost another 0.86% in after-hours trading right after the company’s results were announced.
