Colorado-based Bitcoin mining company Riot Platforms reported a significant reduction in its net loss for the second quarter of 2023 compared to the same period last year. The firm’s net loss stood at $27.7 million, a vast improvement from the $353.6 million loss reported in Q2 2022. The increase in power curtailment credits contributed to Riot’s improved financial performance, earning $13.5 million in credits during Q2 2023. Riot’s primary business revolves around Bitcoin mining, and their average cost to mine one Bitcoin was $8,389, significantly lower than the average Bitcoin price. Revenue for Q2 2023 reached $76.7 million, primarily due to a 27% increase in Bitcoin production. Riot produced a total of 1,775 Bitcoins in the second quarter, generating mining revenue amounting to $49.7 million. Riot has also secured a strategic agreement with mining equipment manufacturer MicroBT, which will increase its mining capacity. Despite the positive developments, Riot’s stock price experienced a decline. The cryptocurrency mining sector remains subject to market volatility.
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