Riot Platforms Reduces Q2 loss With Higher Bitcoin Output

Riot Platforms, a Colorado-based Bitcoin mining company, experienced a significant upswing in its financial performance during the second quarter. The company successfully augmented its Bitcoin production and achieved an unprecedented hash rate, resulting in impressive outcomes.

According to the August 9th filing, the company reported a total revenue of $76.7 million in Q2, reflecting a 5.2% increase compared to the same period last year. The primary factor driving this growth was a significant rise in Bitcoin production, which reached 1,775 BTC during the quarter, an impressive 27% surge. However, this positive momentum was partially offset by a decline in Bitcoin prices when compared to Q2 of 2022.

The company generated 64.7% of its total revenue from mining, which amounts to $49.7 million. In addition, they earned $13.5 million through power curtailment credits. These credits are payments received for reducing electricity consumption during peak demand periods.

The company witnessed a significant improvement in Q2, with a net loss of $27.7 million compared to the staggering net loss of $353.5 million reported in Q2 2022. This positive trajectory represents almost half of the net loss incurred in Q1 2023.

Riot Platforms Boosts Its Hash Rate Capacity

The company has announced that it achieved a record-breaking hash rate capacity of 10.7 exahashes per second (EH/s) in Q2. This measure represents the company’s computing power for mining Bitcoin. Furthermore, there are plans to increase the hash rate capacity over the coming years. By Q2 2024, the goal is to reach 20.1 EH/s, and by 2025, an impressive total of 35.4 EH/s.

According to the company’s recent purchase of 33,280 mining rigs in late June, these projections are based on their plans to have them delivered and deployed over the course of the next two years. Additionally, they can acquire another 66,560 miners at the same price and terms in the future.

The company’s stock price experienced a 4.42% drop throughout the day. However, following the release of its results, it further decreased by 0.86% during after-hours trading.

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