Riot Platforms Reports $84.4M Q2 Loss Amid Rising Costs and Halving Impact

Increased operational expenses and a significant drop in Bitcoin production contribute to the widened losses.

Riot Platforms' net loss for Q2 2024 reached $84.4 million, a threefold increase from the previous year.
The Bitcoin miner faced a 52% decrease in Bitcoin production due to the April 2024 halving event.
Operational costs surged, with the average cost to mine Bitcoin rising from $5,734 to $25,327 year-over-year.
Despite higher costs, Riot achieved $55.8 million in mining revenue, up from $49.7 million the previous year.
Riot continues to expand its capacity, projecting a hash rate of 36 EH/s by the end of 2024.