Riot Platforms: Q2 net loss of 84.4 million USD, Bitcoin production decreased by 52%
Bitcoin mining company Riot Platforms reported a net loss of $84.4 million in the second quarter, compared to a net loss of $27.4 million during the same period last year. Despite financial setbacks, the company still achieved revenues of $70 million in the second quarter, slightly lower than the $76.7 million from the same period last year. This result reflects challenging conditions following recent "halving" events on Bitcoin network. Riot Platforms also reported a 52% decrease in Bitcoin production, dropping from 1,775 coins in Q2 2023 to 844 coins. However, despite this drop in production, Riot Platforms still achieved strong gross profit margins and maintained revenue levels comparable to last year's.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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