Bitcoin miner Riot Platforms reported a second-quarter web lack of $84.4 million, in contrast with a lack of $27.4 million in the identical interval final yr.
Regardless of the monetary hit, the corporate reported quarterly income of $70 million, down barely from $76.7 million in the identical interval final yr, a outcome that mirrored a troublesome surroundings following the Bitcoin community's latest “halving” occasion.
Riot Platforms' loss per share for the three months ended June 30 was $0.32.
Second Quarter Outcomes
The corporate's web loss was as a result of a $76.4 million lower within the honest worth of bitcoin, non-cash stock-based compensation expense of $32.1 million and depreciation and amortization expense of $37.3 million.
The corporate additionally reported a 52% drop in bitcoin manufacturing, from 1,775 to 844 bitcoin within the second quarter of 2023. Nonetheless, regardless of the decline, Riot Platforms managed to keep up excessive gross margins with income in keeping with the earlier yr.
The “halving” occasion and rising community issue have elevated the typical direct value of mining Bitcoin, rising from $5,734 to $25,327 per Bitcoin in Q2 2023.
The corporate reported energy credit of $13.9 million for the quarter, together with $4.4 million from a requirement response program that helped scale back common power prices.
Riot ended the second quarter with working capital of $646.5 million, together with $481.2 million in money available, and held 9,334 unencumbered bitcoins valued at roughly $585 million.
Going ahead, Riot Platforms expects to attain a complete self-mining hashrate capability of 36 EH/s by the tip of 2024, with an elevated hashrate steerage of 40 EH/s to 56 EH/s deployed in 2025.
enlargement
Riot CEO Jason Leth highlighted the corporate's accomplishments, together with the profitable powering of its second large-scale facility in Corsicana, Texas, which is able to add two buildings with a mixed capability of 200 megawatts (MW), with the remaining two buildings scheduled to be operational by the tip of 2024.
Moreover, Riot expanded operations at its Rockdale facility, practically doubling its put in hashrate to 22 exahash per second (EH/s) by the tip of the quarter.
In July, Riot Platforms additional bolstered its progress pipeline with the acquisition of Block Mining, a vertically built-in bitcoin miner primarily based in Kentucky. The acquisition offered the corporate with 60MW of energy capability throughout two services, with the potential to develop to greater than 300MW by the tip of 2025.
The corporate plans to leverage its sturdy steadiness sheet and skilled improvement staff to proceed constructing best-in-class Bitcoin mining services.
