According to Odaily, Bitcoin mining company Riot Platforms reported a net loss of $84.4 million for the second quarter, a significant increase from the $27.4 million net loss recorded in the same period last year. Despite these financial setbacks, the company achieved a revenue of $70 million in the second quarter, slightly lower than the $76.7 million reported in the same period last year. This outcome reflects the challenging environment following the recent 'halving' event in the Bitcoin network.
Riot Platforms also reported a 52% decrease in Bitcoin production, with output dropping from 1,775 Bitcoins in the second quarter of 2023 to 844 Bitcoins in the same period this year. However, despite the decline in production, Riot Platforms managed to maintain a strong gross profit margin, with revenue remaining consistent with the previous year.
