Bitcoin miner Riot Platforms cuts Q2 loss to $27.7 million

The company managed to reduce net loss in the quarter by increasing Bitcoin production.

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Colorado-based bitcoin mining company Riot Platforms reduced its second-quarter net loss to $27.7 million by ramping up bitcoin production and hitting record hash rate capacity.

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The crypto miner recorded total revenue of $76.7 million – up 5.2% from the second quarter of 2022 – which was mainly due to a 27% increase in a year-over-year of Bitcoin (BTC) production, offset by lower Bitcoin prices, according to the company's Aug. 9 earnings filing.

The company's mining revenue of $49.7 million represents 64.7% of the company's total revenue in the quarter. An additional $13.5 million was realized through corporate energy reduction credits.

Meanwhile, its second quarter net loss was a massive reduction from the prior year period, which was $353.5 million. This was also about half of the net loss recorded in the first quarter of 2023.

Riot Platforms managed to reduce its net loss to $27.7 million in the second quarter. Source: Riot Platforms

The company produced 1,775 bitcoins during the quarter, while its average cost to mine one bitcoin (BTC) was $8,389 in the second quarter, beating the average price of the first quarter.

The mining company has also reached a record hash rate capacity of 10.7 exahashes per second and expects that figure to reach 20.1 EH/s by Q2 2024, before reaching 35.4 PE/s in 2025.

Estimates come after his purchase of