According to Foresight News, CoinDesk reported that due to soaring costs, Bitcoin miner Riot Platforms' second-quarter losses widened to $84.4 million, and the company's loss per share doubled to $0.32. Bitcoin "halving" reduces the rewards miners receive for adding new blocks to the network, which has led to a decrease in the number of bitcoins produced by Riot this quarter. Due to a 48% increase in overall operating costs, its second-quarter losses tripled from the same period last year.

As of 17:35 on August 1, RIOT shares fell 0.3% in pre-market trading. Bitcoin has fallen 2.7% in the past 24 hours, while the CoinDesk 20 Index (CD20), which measures the overall cryptocurrency market, has fallen 4.5%.