Riot managed to increase its revenue from Bitcoin mining despite reporting a staggering 340% increase in costs to mine a Bitcoin.
Bitcoin miner Riot Platforms missed estimates after posting its first quarterly loss since 2022, as the miners continues to feel the impact of April’s halving event.
Riot posted a Q2 net loss of $84.4 million, or $0.32 per share, double the $0.16 per share loss forecasted by investment research firm Zacks. It's the first time the firm has reported a quarterly loss since Q4 2022.
The widened loss was due in a large part to an increase in selling, general and administrative expenses totaling $61.2 million — a $41.4 million increase from Q2 2023.
