Riot Platforms Posts Narrowed Net Loss in Q2 2021
Bitcoin mining firm Riot Platforms reported a net loss of $27.7 million in the second quarter of this year, a significant improvement compared to the same period last year. Here are the key points:
– Net loss reduction: Riot Platforms recorded a net loss of $27.7 million in Q2 2021, compared to a net loss of $353.6 million in Q2 2020.
– Increased mining efficiency: The company’s vertically integrated operations and financial strength allowed them to execute their power strategy at an unmatched scale, resulting in an average cost to mine of $8,389 per Bitcoin in Q2 2021.
– Revenue growth: Riot Platforms generated $76.7 million in revenue in Q2 2021, up from $72.9 million in Q2 2020, driven by a 27% increase in bitcoin production.
– Power curtailment credits: Notably, Riot earned $13.5 million in power curtailment credits in Q2 2021, compared to $5.7 million in the same period last year.
– Expansion plans: Riot has signed a long-term purchase agreement with MicroBT to acquire next-generation miners, which would increase their mining capacity by 7.6 EH/s by mid-2024.
Hot Take
Riot Platforms’ improved financial performance in Q2 2021 is a positive sign for the company and the crypto mining industry as a whole. The reduction in net loss, increased mining efficiency, and revenue growth demonstrate the company’s ability to adapt to market conditions. The expansion plans with MicroBT also indicate their commitment to scaling their operations and staying competitive in the evolving crypto landscape. Despite a slight dip in stock price, Riot Platforms’ performance outlook seems promising.
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