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.
