Bitcoin miner Riot Platforms posted its first quarterly loss since 2022 and continues to feel the effects of April's halving event.

Riot reported a net loss of $84.4 million in Q2, implying a loss of $0.32 per share and more than double the $0.16 per share loss that investment research firm Zacks had projected. This was the firm's first quarterly loss since Q4 2022.

The increase in losses was primarily due to an increase in selling, general and administrative expenses, which reached $61.2 million. Riot's revenue also fell 8.75% year-over-year, falling to $70 million.

Riot's Bitcoin mining output fell 52% in Q2 to 844 BTC, which was largely attributed to the halving event in April. Bitcoin mining revenue increased by 12%, which contributed to the near 100% increase in Bitcoin price.

Riot nearly doubled its installed hashrate to 22 exahashes/second in Q2 and expects its total own mining hashrate capacity to reach 36 EH/s by the end of 2024.

Riot's (RIOT) share price is down 1.18% in after-hours trading since the Q2 report was released. Riot's share price change in 2024 is down 33.8%, while its rival CleanSpark (CLSK) is up 47%.

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