{"id":12811,"date":"2023-08-10T07:26:57","date_gmt":"2023-08-10T07:26:57","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12811"},"modified":"2023-08-10T07:26:58","modified_gmt":"2023-08-10T07:26:58","slug":"bitcoin-miner-riot-platforms-trims-q2-loss-to-27-7m","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12811","title":{"rendered":"Bitcoin miner Riot Platforms trims Q2 loss to $27.7M"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>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<p>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)\u00a0production, offset by a decline in Bitcoin prices, according to the firm\u2019s Aug. 9 results filing. <\/p>\n<p>The firm\u2019s mining revenue of $49.7 million made up 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<p>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<p><em>Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms<\/em><\/p>\n<p>The firm produced 1,775 Bitcoin 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<p>The mining firm 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<p>The estimates come following its purchase of 33,280 mining rigs 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<p><em>Riot predicts the facility&#8217;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><\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Marathon Digital Q2 results miss revenue and earnings forecasts <\/em><\/strong><\/p>\n<p>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<p><em>Riot\u2019s share price fell 0.86% to $16.34 in after hours trading. Source: Google Finance<\/em><\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miner-riot-platforms-q2-results-filing\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12811"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12811\/revisions"}],"predecessor-version":[{"id":12813,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12811\/revisions\/12813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12812"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}