Bitcoin mining firm Riot Platforms has released its unaudited financial results for the second quarter of 2023. The company reported total revenue of $76.7 million, driven by a 27% increase in Bitcoin production compared to the same period last year. The average cost to mine Bitcoin decreased to $8,389 per Bitcoin, resulting in higher profitability. Riot also announced several key developments, including a long-term purchase agreement for next-generation miners and the largest deployment of immersion cooling systems for Bitcoin mining. The company has maintained a strong financial position with $408.4 million in working capital. Overall, Riot Platforms expressed excitement about its leading role in the Bitcoin mining industry.
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