Based in Coloradothe crypto mining company Riot Platforms managed to reduce its net loss in the second quarter to $27.7 million, as it ramped up its BTC production and hit record hash rate capacity. As a reminder, Riot Platforms is a company that enjoys a dominant position in Bitcoin mining and data center hosting.
Riot Platforms: presentation of the company’s financial results for the second quarter of 2023
According to a report released by Riot Platforms officials on Wednesday, August 9. the American company recorded an income of $76.7 millionwhich corresponds to an increase of 5.2% related to second quarter 2022. This movement was mainly fueled by a rise in the production of BTC, which rose by 27% compared to its level last year at the same period.
The mining revenues of $49.7 million represented 64.7% of the company’s total revenues during the relevant quarter. Moreover, $13.5 million were generated via energy reduction credits available to the company. Additionally, it should be noted that the net loss for the second quarter was considerably reduced compared to the same period in 2022the latter amounting to $353.5 million.
The company produced 1,775 BTC over the current period, while its average cost to mine one bitcoin (BTC) was set at $8,389 in the second quarter of 2023, thus beating the average price of the first quarter. The crypto mining firm also achieved a record hash rate of 10.7 exahashes per second and predicts that this figure will reach 20.1 PE/s from the second quarter 2024before reaching 35.4 PE/s in 2025.
These estimates follow the purchase of 33,280 mining rigs at the end of Junethe figure of 35.4 PE/s assuming that Riot Platforms will exercise its right to purchase 66,560 minors additional ones at the same price and under the same conditions in the near future.
The financial markets did not react favorably to the announcement of this report. Indeed, although Riot’s (NASDAQ: RIOT) stock price had previously fallen by 4.42% earlier in the day it continued to decline with a drop 0.86% after the publication of the company’s results. At the time of writing this article, the price of the RIOT gravitates around $15.27.
Source : Riot Platforms