TechFlow news: Bitcoin mining company Riot Platforms released its Q2 2023 financial report. The report showed a net loss of $84.4 million in the second quarter, significantly wider than the $27.4 million loss in the same period last year.
Total revenue decreased to $70 million, down from $76.7 million in the same period last year. Engineering revenue declined by $9.7 million, but Bitcoin mining revenue increased by $6 million.
The company produced 844 bitcoins in the second quarter, a 52% decrease year-on-year. Riot stated that the decline was primarily due to the April Bitcoin halving event and "increased network difficulty."
As of the end of June, Riot had increased its total hash rate to 22 EH/s, nearly double the level at the beginning of the year. The company plans to expand its self-operated mining hash rate to 36 EH/s by the end of this year.
Riot continues to advance its acquisition of rival Bitfarms, purchasing approximately 10.2 million additional Bitfarms shares in July. However, Bitfarms has adopted a "poison pill" plan to block the potential takeover.
