Bitcoin mining company Riot Blockchain posted a net loss of $84.4 million in the second quarter. The company experienced a 52% decline in Bitcoin production due to the block reward halving and increased network difficulties.

Riot Blockchain's Net Loss of $84.4 Million in the Second Quarter of the Year
Bitcoin (BTC) mining company Riot Blockchain announced a net loss of $84.4 million in the second quarter of the year. This loss showed a significant increase compared to the same period last year; at that time the loss was $27.4 million. The company's second quarter revenue was 70 million dollars, compared to 76.7 million dollars in the same period last year. Riot Blockchain stated that the decrease in revenues was primarily due to a $9.7 million decrease in engineering revenues, but this was partially offset by a $6 million increase in Bitcoin mining revenues. Additionally, there was a decrease in the amount of BTC the company produced in the second quarter; Riot Blockchain produced 844 BTC during this period, a 52% decrease compared to the same period last year. The decline in Bitcoin production was due to the block reward halving that took place in April and increases in network difficulty levels.

Riot Blockchain CEO Jason Les announced that the company "nearly doubled its installed hash rate" in the second quarter, with total capacity at 22 EH/s (exahashes per second) as of the end of June. Riot Blockchain maintains its goal of increasing the total self-mining hash rate capacity to 36 EH/s by the end of the year.

Attempts to Take Over Bitfarms Continue
Riot Blockchain continues its attempts to acquire rival Bitfarms. The company purchased approximately $10.2 million more of Bitfarms shares in July. In May, Riot Blockchain offered to purchase Bitfarms for approximately $950 million, and after this offer, Bitfarms CEO criticized its plans to block the acquisition attempt. In June, Bitfarms adopted its first “poison pill” strategy to prevent a possible takeover, and continued this approach in July.

Riot Blockchain's shares on Nasdaq fell 1.74% on Wednesday, while Bitfarms shares rose 4.03%. Riot Blockchain's shares have lost 33.87% since the beginning of the year.

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