Riot platforms brings down its net loss in Q2

Riot Platforms is a venture that is exclusively engaged in the mining activity of Bitcoin, or BTC. The Colorado-based mining venture has revealed that it was finally able to bring down the net loss in the second quarter of 2023. When compared with the second quarter of the previous year (2022), the number turned out to be pretty massive.

Specifically speaking, its net loss for the second quarter of 2023 stands at $27.7 million. The number was previously around $353.6 million. Its learning has also gone up to touch the mark of $13.5 million against $5.7 million for the same period in the previous year.

The development comes at a time when energy costs are rising, and the trading value of BTC is struggling to keep up with the demands of the community. BTC was last seen exchanging hands at $29,519.30. This is a downfall of 0.15% in the last 24 hours. The reason this is disappointing is that the community expects the token to surpass the mark of $30,000 at the earliest.

Several predictions have kept the digital token on the edge of making it to $100k by the end of 2023; however, that can happen only BTC is able to make it past the mark of $30,000.

The earnings report shows that Riot Platforms did wonderfully well in terms of revenue. The number in the recent quarter is $76.7 million. It was $72.9 million in Q2-2022. This signifies an increase that the venture was in need of. It has come largely because of the rise in the production of BTC.

Riot Platforms reportedly saw an increase of 27% in the production of the leading cryptocurrency. Moving forward, it could rise more since the mining venture is planning to have more miners in the house. The company has praised the performance in the report while acknowledging the rise in energy prices and struggling BTC value in the market.

Riot Platforms has also earned power credits. The number was $13.5 million in Q2-2023, yet another significant increase when compared with the performance in Q2-2022. Credit units earned during that period were $5.7 million. Mining revenue has gone up to $49.7 million with the production of 1,775 BTC. The company has credited this success to the increase in the number of miners.

Jason Les, the Chief Executive Officer of Riot Platforms, has stated that the plan to acquire more miners is in the pipeline. A long-term purchase agreement has been signed with MicroBT, giving them the right to acquire more than 33,280 next-generation miners. There is also an option to acquire 66,560 miners.

The result is likely to be visible only by the middle of 2024. Miners added to the system are estimated to add 7.6 EH/s in the capacity. The latest capacity of Riot Platforms was recorded at 10.7 EH/s.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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