Bitcoin mining company Riot Blockchain has experienced significant growth in operations and revenue, with a new all-time high hash rate and increased transaction volume. In the second quarter, the company produced 676 BTC at an average cost of $8,389 per bitcoin, surpassing previous averages. Mining revenue reached $49.7 million, contributing to a total revenue of $76.7 million, higher than in Q2 2022. Riot also increased its bitcoin holdings to 7,264 BTC, valued at $30,477 each, and reduced its net loss. The company achieved an all-time record hash rate of 10.7 EH/s and is aiming to enhance its computational power. Additionally, Riot’s power strategy helps stabilize the energy grid in Texas.
AI Sentiment: Positive
