Bitcoin miner Riot Platforms reports wider losses in Q2, buys more Bitfarms shares | Headlines | News | CoinMarketCap

08/01/2024 14:23
Bitcoin miner Riot Platforms reports wider losses in Q2, buys more Bitfarms shares | Headlines | News | CoinMarketCap

Bitcoin mining firm Riot Platforms booked wider losses in the second quarter of this year, as the impact of April’s bitcoin halving continues to take …

Bitcoin mining firm Riot Platforms booked wider losses in the second quarter of this year, as the impact of April’s bitcoin halving continues to take a toll.

Riot booked 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 firm’s latest quarterly report released Wednesday.

The miner’s total revenue dropped to $70 million in the second quarter from $76.7 million in the same period last year. “The decrease was primarily driven by a $9.7 million decrease in Engineering revenues offset by a $6 million increase in Bitcoin Mining revenue,” Riot said.

Riot also produced much less bitcoin in the quarter. The miner produced 844 bitcoin during the second quarter of this year, down 52% year-on-year, …

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