đ **Riot Platforms Faces Rocky Q2, But There's a Silver Lining!** đ
Bitcoin miner Riot Platforms had a bumpy Q2, posting its first quarterly loss since 2022. The culprit? April's halving event! Riot reported an $84.4M net loss, doubling the forecasted $0.16 per share loss.
Key points:
- Revenue dipped 8.75% YoY to $70M.
- Bitcoin mining production fell 52% to 844 BTC.
- Cost to mine a Bitcoin skyrocketed 340%!
But wait, there's good news! Despite the hurdles, Riot's Bitcoin mining revenue jumped 12%, thanks to a near-100% increase in Bitcoin's price. đ
What do you think about Riot's strategy? Drop your thoughts below! đŹ
