Bitcoin mining giant Riot Platforms reported improved financial results in Q2 compared to the previous year. They revealed a reduced net loss of $27.7 million, compared to a net loss of $353.6 million in the same period last year. Despite the average Bitcoin price being $28,024, Riot achieved an average mining cost of $8,389 per Bitcoin. They mined 1,775 Bitcoins in Q2, generating mining revenue of $49.7 million. Riot has entered into a significant long-term agreement to procure next-generation miners, potentially increasing their capacity by 7.6 EH/s by mid-2024.
AI Sentiment: Positive
