Connect with us
Active Currencies 14561
Market Cap $2,684,175,901,267.57
Bitcoin Share 49.91%
24h Market Cap Change $-1.31

Bitcoin miner Riot Platforms posts Q2 2023 results, forecasts expansion

2min Read

Riot Platforms’ Q2 achievements in Bitcoin mining include record-breaking hash rate capacity and strategic growth.

Riot platforms Bitcoin mining Financial results

Share this article

  • Riot Platforms, Inc. reported a significant revenue increase driven by heightened Bitcoin production.
  • The firm has positioned itself for robust financial growth and hash rate expansion.

Riot Platforms, Inc., a Bitcoin mining firm, has revealed its financial results for the second quarter of 2023. The company reported a record-breaking hash rate capacity and expanded execution of its power strategy.

The unaudited financial statements and presentation materials related to the quarter are accessible on Riot’s website.

Revolutionizing Bitcoin mining landscape with strong financial growth

Total revenue in the second quarter was $76.7 million. The company experienced a 27% increase in bitcoin production, contributing to the $3.8 million rise in total revenue compared to the same quarter last year.

Notably, Riot anticipates achieving a self-mining hash rate capacity of 12.5 exahashes per second (EH/s) in Q4 2023.

The firm produced 1,775 BTC during the quarter, attributed to increased miner deployment. Its BTC mining revenue reached $26.1 million, slightly lower due to decreased BTC prices.

Jason Les, CEO of Riot, expressed enthusiasm about the Q2 2023 results. This quarter saw their average cost to mine Bitcoin reduced to $8,389 per Bitcoin, compared to an average price of $28,024.

Significant financial strides and expansion plans ahead

The financial results indicated that Bitcoin mining revenue exceeded mining cost of revenues.

Riot’s hash rate capacity growth plans remain robust, with upcoming projects aiming to achieve substantial self-mining capacity. The company expects a total self-mining hash rate capacity of 12.5 EH/s by Q4 2023 and a capacity of 20.1 EH/s by mid-2024.

The news also highlighted Riot’s strong visibility on its growth plan through 2025. The company’s At-the-Market Offering (ATM) allowed it to raise net proceeds of approximately $184.7 million during the first six months of 2023.

In July 2023, the company garnered around $6.6 million by selling 570,645 shares under the 2022 ATM sales agreement. These shares were priced at an average fair value of $11.78 per share. This successful transaction marked the full utilization of the $500.0 million worth of common stock shares available for sale.

The company’s integrated strategy spans Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.