Bitcoin miner Riot Platforms trims Q2 loss to $27.7M

The crypto miner published overall income of $76.7 million– up 5.2% from Q2 2022– which was mostly driven by a 27% year-on-year increase in Bitcoin (BTC) production, balanced out by a decrease in Bitcoin rates, according to the companys Aug. 9 results filing. The firms mining profits of $49.7 million attributed to 64.7% of the firms total profits over the quarter. Source: Riot PlatformsThe firm produced 1,775 Bitcoin in the quarter, while its average cost to mine a Bitcoin (BTC) was $8,389 in Q2, beating beat Q1s typical price.The mining company likewise reached an all-time high hash rate capacity of 10.7 exahashes per 2nd and anticipates this figure will reach 20.1 EH/s by the second quarter of 2024, before reaching 35.4 EH/s in 2025.

Thank you for reading this post, don't forget to subscribe!