Riot Platforms trims quarterly loss to $27.7 million

In the second quarter, the mining company Riot Platforms posted a net loss of $27.7 million, versus a loss of $353.6 million in the year-ago period.

The company’s revenue for the period was $76.7 million, up from $72.9 million a year earlier. The rise was mainly driven by a 27% increase in Bitcoin production, with Riot mining 1,775 BTC over the three months.

According to the statement, the company reduced the average cost of mining 1 BTC to $8,389.

The company earned $13.5 million from credits for power curtailment to balance the grid. Revenue from the mining business was $49.7 million; hosting services contributed $7.7 million, and engineering services $19.3.

As of June 30, Riot had working capital of $408.4 million, including $289.2 million in fiat currency and $221.4 million in unencumbered bitcoins (based on a price of $30,477).

At quarter-end the company’s hash rate stood at 10.7 EH/s.

The damaged by a snowstorm in December last year Building G at the Rockdale data centre in Texas remains offline. The company expects to complete repairs by September. After full reconnection of the equipment over the ensuing months, capacity will increase by 2.4 EH/s.

In June, Riot signed an agreement with MicroBT to purchase 33,280 Bitcoin miners of the latest generation, with a total hash rate of 7.6 EH/s. It is expected that the deployment of the installations at the Corsicana site in Texas will be completed by mid-2024 and will lift the total to 20.1 EH/s.

The company also gained the option to purchase up to 66,560 similar units on initial terms. The equipment could potentially add 15.3 EH/s to its total hash rate.

ForkLog reported the July operating results of the largest mining companies in a special digest.