Riot Platforms Records Widened Net Loss of $84.4M in Q2 2024, Bitcoin Halving Continues to Impact Performance-web3.0-php.cn

Home

web3.0

Riot Platforms Records Widened Net Loss of $84.4M in Q2 2024, Bitcoin Halving Continues to Impact Performance

WBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWB

Aug 05, 2024 am 09:48 AM

Riot PlatformsBitcoin Halving Q2 Losses

The American Bitcoin mining firm's widened losses are a result of the continued impact of April's Bitcoin halving.

Riot Platforms Records Widened Net Loss of .4M in Q2 2024, Bitcoin Halving Continues to Impact Performance

American Bitcoin (BTC) mining firm Riot Platforms (NASDAQ: RIOT) has reported a wider net loss for the second quarter of 2024.

The company announced a net loss of $84.4 million for Q2, compared to $27.4 million in the same quarter last year. This marks a significant increase in虧損， largely driven by the continued impact of April’s Bitcoin halving.

Riot Platforms Q2 PerformanceRiot Platforms reported total revenue of $70 million in Q2 2024, down from $76.7 million in Q2 2023. This decrease was primarily driven by a $9.7 million drop in Engineering revenues, partially offset by a $6 million rise in Bitcoin mining revenue.

During the same period, Riot's total Bitcoin production decreased by 52% to 844 BTC, down from 1,775 BTC in Q2 2023. This decline was attributed to the April 2024 Bitcoin block subsidy 'halving' and an increase in the global network difficulty.

The average direct cost to mine Bitcoin also increased significantly, rising to $25,327 per BTC in Q2 2024, compared to $5,734 in Q2 2023. This increase was primarily driven by the Bitcoin halving and a 68% rise in the global network hash rate.

Despite the challenges, Riot Platforms reported an increase in mining revenue, which reached $55.8 million in Q2 2024, up from $49.7 million in the prior year. This increase was mainly due to higher average BTC prices and an improved operational hash rate.

The company's total working capital remained strong at $646.5 million, including $481.2 million in cash. Additionally, Riot Platforms held 9,334 unencumbered Bitcoin, which were valued at approximately $585 million and were fully mined through its operations.

Commenting on the Q2 performance, Riot Platforms CEO Jason Les said,

“The second quarter saw the Bitcoin network 'halving' in April of this year, a preprogrammed event whereby the Bitcoin block subsidy received by miners from the network is cut in half every four years. Despite this reduction in available production for all Bitcoin miners, Riot posted $70.0 million in revenue for the quarter and maintained strong gross margins in our core Bitcoin mining business.”

Riot Platforms acquired Kentucky-based Block Mining in a $92.5 million deal last month, which included $18.5 million in cash from Riot's reserves and $74 million in Riot common stock.

Following the acquisition, the mining firm reported an immediate increase in hash rate, expanded its geographical footprint, and entered additional energy markets outside the Electric Reliability Council of Texas (ERCOT) region.

The above is the detailed content of Riot Platforms Records Widened Net Loss of $84.4M in Q2 2024, Bitcoin Halving Continues to Impact Performance. For more information, please follow other related articles on the PHP Chinese website!

Statement

The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

How to register a Sesame Open Account Sesame Open Account Full Tutorial for Registration for NoviceApr 22, 2025 am 09:03 AM

To register a Sesame Door account, you need to prepare a valid email or mobile phone number and a stable network. The steps include: 1. Visit the official website, 2. Enter the registration page, 3. Select the registration method, 4. Fill in the registration information, 5. Get and fill in the verification code, 6. Agree to the user agreement, 7. Complete the registration. After successful registration, you need to log in to your account, perform KYC identity verification, and set security measures.

A must-see for beginners! Ten common exchange usage tutorialsApr 22, 2025 am 09:00 AM

The principles of choosing a cryptocurrency exchange include: 1. Security, 2. Compliance, 3. User experience, 4. Transaction fees, 5. Currency selection, 6. Liquidity. Tutorials include: 1. Register an account, 2. Identity authentication (KYC), 3. Security settings, 4. Recharge, 5. Spot transactions, 6. Withdrawal.

Can two exchanges convert coins to each other? Can two exchanges convert coins to each other?Apr 22, 2025 am 08:57 AM

Can. The two exchanges can transfer coins to each other as long as they support the same currency and network. The steps include: 1. Obtain the collection address, 2. Initiate a withdrawal request, 3. Wait for confirmation. Notes: 1. Select the correct transfer network, 2. Check the address carefully, 3. Understand the handling fee, 4. Pay attention to the account time, 5. Confirm that the exchange supports this currency, 6. Pay attention to the minimum withdrawal amount.

Review of the most complete historical price since the birth of Bitcoin (2025 edition)Apr 22, 2025 am 08:54 AM

Since its birth in 2009, Bitcoin’s price has experienced many fluctuations. 1. 2009-2010: From worthless to $0.3. 2. 2011-2013: From $1 to $1,000. 3. 2014-2017: From $200 to nearly $20,000. 4. 2018-2021: From bear market to highs of $64,000. 5. 2022-2024: From falling below $20,000 to the rise after the ETF is approved.

Who is the best digital currency exchange in the worldApr 22, 2025 am 08:51 AM

There is no "best" digital currency exchange, only the "most suitable" ones because everyone has different needs. 1. Newbies should choose simple and easy-to-understand exchanges, such as Coinbase. 2. Users who focus on security should choose Coinbase or Kraken. 3. Users who pursue rich trading options should choose Binance or Ouyi. 4. Users who like to trade derivatives should choose Bybit or Ouyi. 5. Users interested in new coins should choose Sesame to open the door.

What platform is PumpSwap? Which country is the PumpSwap platform from?Apr 22, 2025 am 08:48 AM

PumpSwap is a decentralized exchange launched by pump.fun, focusing on low-cost, cross-chain interoperability and Meme token trading. 1) Seamless token migration and transaction integration: deeply bound to pump.fun, tokens can be migrated to PumpSwap transactions for free. 2) Low cost and incentive mechanism: Provide zero-cost liquidity pool creation and handling fee sharing. 3) Cross-chain interoperability and multi-chain support: Through cooperation with TRON, SOL/TRX cross-chain transactions are realized, and the plan is to expand to Aptos and other chains. PumpSwap mainly serves the global crypto market and is a typical multinational blockchain project.

What are the digital currency trading apps suitable for beginners? Learn about the coin circle in one articleApr 22, 2025 am 08:45 AM

When choosing a digital currency trading platform suitable for beginners, you need to consider security, ease of use, educational resources and cost transparency: 1. Priority is given to platforms that provide cold storage, two-factor verification and asset insurance; 2. Apps with a simple interface and clear operation are more suitable for beginners; 3. The platform should provide learning tools such as tutorials and market analysis; 4. Pay attention to hidden costs such as transaction fees and cash withdrawal fees.

How to set stop loss in Ouyi Digital Currency App?Apr 22, 2025 am 08:42 AM

There are two ways to set a stop loss in the Ouyi Digital Currency App: 1. Set a stop loss on the trading page: Set a stop loss when opening a position or after opening a position. 2. Set stop loss on the specific position page: Click "Position", select the position, and set the stop loss trigger price and quantity.