Riot Platforms Achieves Record Bitcoin Production and Narrows Losses in Q2 2023 💸

#Riot Platforms, a Colorado-based Bitcoin mining firm, reported impressive results for Q2 2023.

The company managed to narrow its net loss to $27.7 million while ramping up Bitcoin production, resulting in a 27% YoY increase in BTC production.

Despite a decline in #bitcoin prices, the firm's total revenue reached $76.7 million, up 5.2% from Q2 2022. Mining revenue accounted for 64.7% of the total, with an additional $13.5 million from power curtailment credits.

The company produced 1,775 Bitcoins in the quarter, surpassing Q1's performance, and achieved an all-time high #hash rate capacity of 10.7 EH/s. With a recent purchase of mining rigs, Riot anticipates reaching 20.1 EH/s by Q2 2024 and 35.4 EH/s in 2025.

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Riot Highlights Demand Response Strategy: How Bitcoin Mining Supports Texas Energy Grid.

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#WebGTR #Riot #Mining #EnergyGrid #bitcoin

Riot, a major North American mining company, acquires 33,280 state-of-the-art bitcoin mining machines from MicroBT.

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#webgtr #Riot #microBT #bitcoin #ETH

Vanguard Group, the $7 trillion asset management giant, acquires 10.24% stake in Riot Blockchain, the world's largest Bitcoin mining company.

#WebGTR #Vanguard #Riot #Blockchains #miners

Crypto Firm Riot Clarifies Texas Power Strategy Amid Headlines Alleging State Payment to Miner.

#WebGTR #Crypto #Riot #Texes #PowerStrategy

#RiotPlatforms , a #Bitcoinmining company, reported a 19% increase in #Bitcoin production for 2023, totaling 6,626 #BTC . The cost of mining decreased by 33% to $7,539 per Bitcoin. The CEO, Jason Les, announced revenues of $281 million, with $71 million in power credits. Riot's average mining cost per Bitcoin dropped by $3,686 from the previous year. Strategic advancements include the completion of a 700-megawatt expansion, a partnership with MicroBT, and ongoing development of a 1-gigawatt facility. Riot closed 2023 with a robust balance sheet of $597 million in cash and 7,362 Bitcoins. Les outlined growth targets, aiming for a hash rate capacity of 28 EH/s by 2024 and exceeding 100 EH/s. In June 2023, Riot acquired 33,000 new miners ahead of the 2024 halving event, investing $138.5 million. The deployment is set for Q1 2024, adding 7.6 EH/s. #Riot , along with the Texas Blockchain Council, filed a lawsuit against the U.S. Department of Energy, challenging regulatory scrutiny on cryptocurrency energy consumption. The lawsuit criticizes the government's approach as "sloppy" and seeks to halt data collection from cryptocurrency miners. $BTC

📣 Breaking News: Riot Plans to Acquire Rival Bitcoin Miner Bitfarms
Riot is reportedly targeting the acquisition of its competitor, Bitfarms, in a strategic move to consolidate its position in the Bitcoin mining industry. This potential acquisition aims to expand Riot's operational capacity and enhance its market share in the rapidly growing cryptocurrency sector. Stay tuned for more updates on this significant development in the Bitcoin mining landscape!
#Riot #Bitcoin #Bitfarms #Crypto #Mining $BTC

🚨 Bitfarms Rejects Riot's Acquisition Offer Citing Undervaluation

Bitcoin mining firm Bitfarms has turned down Riot's acquisition proposal, claiming that the offer "significantly undervalued" the company. Bitfarms asserted that the proposal did not accurately reflect its market value and growth potential. Stay tuned for more updates on this unfolding story in the cryptocurrency mining sector!

#Bitfarms #Riot #Bitcoin #CryptoMining! #btc $BTC