Bitcoin miner Riot Platforms trims Q2 loss to $27.7M
The firm managed to narrow net loss in the quarter as it ramped up Bitcoin production. 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 — 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. The firm’s mining revenue of $49.7 million attributed to 64.7% of the firm’s total revenue over the quarter. An additional $13.5 million was made through the firm’s power curtailment credits. 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. Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms The firm produc...