**News Flash: Riot Platforms Reports Q2 Loss Amid Bitcoin Halving Impact**

Riot Platforms, a major Bitcoin miner, reported a Q2 net loss of $84.4 million, or $0.32 per share, doubling the $0.16 per share loss predicted by Zacks. This marks Riot's first quarterly loss since Q4 2022.

Key points:

- Revenue fell 8.75% year-on-year to $70 million.

- Bitcoin mining production dropped 52% to 844 BTC due to April’s halving event.

- Cost to mine a Bitcoin surged 340% to $25,327.

- Despite challenges, Bitcoin mining revenue rose 12% thanks to a near-100% increase in Bitcoin’s price.

Riot also nearly doubled its installed hash rate to 22 EH/s and aims for 36 EH/s by year-end. The company’s share price dipped 1.18% post-report and is down 33.8% in 2024, while rival CleanSpark has surged 47%.