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Home»ADOPTION NEWS»Bitcoin Miner Riot Platforms Reports Widening Q2 Loss, Buys More Bitfarms Shares
ADOPTION NEWS

Bitcoin Miner Riot Platforms Reports Widening Q2 Loss, Buys More Bitfarms Shares

By Crypto FlexsAugust 1, 20242 Mins Read
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Bitcoin Miner Riot Platforms Reports Widening Q2 Loss, Buys More Bitfarms Shares
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Bitcoin Bitcoin

-2.77%
Mining firm Riot Platforms reported widening losses in the second quarter of this year as the impact of the Bitcoin halving in April continues to linger.

Riot reported a net loss of $84.4 million in the second quarter of this year, compared to a net loss of $27.4 million in the same period last year, according to the company’s latest quarterly report. report It was released on Wednesday.

The miner’s total revenue fell to $70 million in the second quarter from $76.7 million in the same period last year. “The decrease was primarily due to a $9.7 million decrease in engineering revenue and a $6 million increase in bitcoin mining revenue,” Riot said.

Riot also produced significantly less bitcoin in the quarter. The miner produced 844 bitcoins in Q2 of this year, which was mainly April Half-Life Event “Network difficulty has increased,” the report said.

Riot CEO Jason Les said in a statement that in Q2, Riot “nearly doubled its installed hash rate,” reaching a total capacity of 22 EH/s at the end of June. Riot plans to reach a total self-mining hash rate capacity of 36 EH/s by the end of the year.

Add Bitfarms stock

Meanwhile, Riot continues its bid to acquire rival Bitfarms, buying an additional 10.2 million Bitfarms shares in July. filing Shows.

Riot in May Bitfarms Acquisition Attempt For about $950 million. The CEO of Riot Platforms even said Criticize Bitfarms plans to block the acquisition. In June, Bitfarms Adopted The first “poison pills” were intended to prevent takeovers, and later Upgraded Approaching July.

According to Google Finance, Riot’s Nasdaq stock was down 1.74% at the close on Wednesday, while Bitfarms stock was up 4.03%. Riot’s stock price has fallen 33.87% since the beginning of the year.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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