HomeUncategorizedBitcoin miner Riot Platforms trims Q2 loss to $27.7M By Cointelegraph

Bitcoin miner Riot Platforms trims Q2 loss to $27.7M By Cointelegraph

August 10, 2023

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© Reuters.

Colorado-based 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 — up 5.2% from Q2 2022 — which was primarily driven by a 27% year-on-year increase in Bitcoin (BTC) production, offset by a decline in Bitcoin prices, according to the firm’s Aug. 9 results filing.

Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms
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
Riot’s share price fell 0.86% to $16.34 in after hours trading. Source: Google (NASDAQ:) Finance