{"id":20954,"date":"2023-08-09T23:41:24","date_gmt":"2023-08-09T23:41:24","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-riot-platforms-trims-q2-loss-to-27-7m\/"},"modified":"2023-08-09T23:41:26","modified_gmt":"2023-08-09T23:41:26","slug":"bitcoin-miner-riot-platforms-trims-q2-loss-to-27-7m","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-riot-platforms-trims-q2-loss-to-27-7m\/","title":{"rendered":"Bitcoin miner Riot Platforms trims Q2 loss to $27.7M"},"content":{"rendered":"
Colorado-based Bitcoin mining firm Riot Platforms narrowed its second quarter net loss to $27.7 million as it ramped up its Bitcoin production and reached record hash rate capacity. <\/p>\n
The crypto miner posted total revenue of $76.7 million \u2014 up 5.2% from Q2 2022 \u2014 which was primarily driven by a 27% year-on-year increase in Bitcoin (BTC) production, offset by a decline in Bitcoin prices, according to the firm\u2019s Aug. 9 results filing. <\/p>\n
The firm\u2019s mining revenue of $49.7 million attributed to 64.7% of the firm\u2019s total revenue over the quarter. An additional $13.5 million was made through the firm\u2019s power curtailment credits. <\/p>\n
Meanwhile, its Q2 net loss was a massive reduction from the prior year period, which was $353.5 million. It was also around half the net loss posted in the first quarter of 2023.<\/p>\n