Riot Platforms Released Q2 2023; Produced Over 1700 Bitcoins

Riot Platforms (NASDAQ: RIOT), the Bitcoin miner, reported the second quarter (Q2) 2023 financial results on August 9, 2023. According to its Q2 2023 report, “the Bitcoin miner produced 1,775 Bitcoin (BTC) during the quarter, as compared to 1,395 Bitcoin during the same three-month period last year.” On the other hand, the net loss was $27.7 Million or $0.17 per share, compared to a net loss of $353.6 Million or $2.71 per share for the same period last year.

Q2 2023 Highlights of Riot Platforms

According to the reported Q2 2023 financial and operational highlights of Riot Platforms, its total revenue is $76.7 Million, as compared to $72.9 Million for the same three-month period last year. The increase was primarily driven by a 27% surge in Bitcoin production, offset by lower Bitcoin prices which averaged $28,024 per BTC for the quarter.

Riot Reports Second Quarter 2023 Financial Results, Current Operational and Financial Highlights.
$76.7 Million in Total Revenue, New All-Time Record Hash Rate Capacity of 10.7 EH/s, and Expanded Execution of Power Strategy.
“I am excited to announce second quarter 2023 results…
— Riot Platforms, Inc. (@RiotPlatforms) August 9, 2023

As per its recent BTC production update, higher BTC production was driven by a significant increase in miners deployed year-over-year. The average cost to mine BTC reported by the company was $8,389 while the mining revenue was $49.7 Million for the quarter.

Riot Platforms earned $13.5 Million in power curtailment credits during the quarter. The Bitcoin miner also mentioned the data center hosting revenue of $7.7 Million, driven by fewer hosting customers and lower BTC values during the 2023 period.

The engineering revenue of $19.3 Million for the quarter was primarily driven by increased demand from third-party data center and engineering customers and delivering on a backlog of projects.

As further mentioned in its key highlights, the Bitcoin miner has maintained an industry-leading financial position with $408.4 Million in working capital. This amount includes $289.2 Million in cash in hand and $221.4 Million in unencumbered BTC. Notably, all of these were produced by the self-mining operations, as of June 30, 2023.

The CEO Statement

Jason Les, the chief executive officer (CEO) and Director of Riot Platforms, shared his excitement over the announcement of Q2 2023 results for Riot. He said, “this quarter showcased the ongoing execution of our long-term strategy and included a number of landmark announcements solidifying our future growth path.”

Lastly, after reporting Q2 2023 results, RIOT share price showed a bearish trend with over 18 Million of volume on earnings day. The bearish trend took the RIOT stock price slightly down from its 20-day moving average while closing at $16.34. It must be noted that, near the quarterly report, RIOT stock price fell down as showed over the 10% weekly price drop.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing