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