Riot Platforms, a Colorado-based Bitcoin mining firm, reduced its second-quarter net loss to $27.7 million as it ramped up its Bitcoin production. It is expected that they have reached a record in hash rate capacity, stated Cointelegraph.
With insights from the firm’s August 9, 2023, results filing, the crypto miner has a total revenue of about $76.7 million, which is an increase of about 5.2% from Q2 2022. It is believed that this was primarily driven by a 27% year-on-year increase in Bitcoin (BTC $29,493) production and offset by a decline in Bitcoin prices.
Sources revealed that the mining firm also reached an all-time high hash rate capacity of 10.7 exahashes per second. It also expects that this figure might reach 20.1 EH/s by the second quarter of 2024, before reaching 35.4 EH/s in 2025, Cointelegraph added.
It is believed that the estimation comes after its purchase of 33,280 mining rigs in late June, with the 35.4 EH/s figure expecting that Riot might purchase an extra 66,560 miners at the same price in the future, Cointelegraph concluded.
(With insights from Cointelegraph)