{"id":88466,"date":"2024-07-31T22:38:17","date_gmt":"2024-08-01T02:38:17","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=88466"},"modified":"2024-07-31T22:38:31","modified_gmt":"2024-08-01T02:38:31","slug":"bitcoin-miner-riot-platforms-miss-goals-q2-loss","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-miner-riot-platforms-miss-goals-q2-loss\/","title":{"rendered":"Bitcoin Miner Riot Platforms Miss Goals With Bigger Q2 Loss"},"content":{"rendered":"\n

Bitcoin Miner Riot Platforms increased its revenue from Bitcoin mining<\/a>, although the cost of mining a Bitcoin increased by 340%.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin Miner Riot Platforms Miss Goals With Bigger Q2 Loss<\/em><\/figcaption><\/figure>\n\n\n\n

Bitcoin Miner Riot Platforms \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>failed to meet expectations after reporting its first quarterly loss since 2022. The miners are still experiencing the effects of April's halving event.<\/p>\n\n\n\n

Riot's second-quarter net loss of $84.4 million, or $0.32 per share, was twice the $0.16 per share loss anticipated by investment research firm Zacks. This marks the organization's initial quarterly loss since Q4 2022.<\/p>\n\n\n\n

An increase in selling, general, and administrative expenses comprising $61.2 million, representing a $41.4 million increase from Q2 2023, was a significant factor in the widened loss.<\/p>\n\n\n\n

The Bitcoin miner's revenue decreased by 8.75% yearly to $70 million, just below Zacks' projections. The decrease was precipitated by a decline in engineering revenues, partially mitigated by an increase in Bitcoin mining revenue.<\/p>\n\n\n\n

\"\"
Key takeaways from Riot's Q2 performance. Source: Riot Platforms<\/em><\/figcaption><\/figure>\n\n\n\n

Riot's Bitcoin mining productivity decreased by 52% to 844 BTC in Q2, a decrease that it primarily attributed to the halving event that occurred in April.<\/p>\n\n\n\n

The halving and a 68% increase in the Bitcoin network hash rate resulted in a startling 340% increase in the firm's cost to mine a Bitcoin, from $5,734 to $25,329.<\/p>\n\n\n\n

Nevertheless, Riot's Bitcoin mining revenue increased by 12% between June 30, 2023, and June 30, 2024, resulting from a nearly 100% increase in Bitcoin's price.<\/p>\n\n\n\n

Riot nearly doubled its implemented hash rate to 22 exahashes per second in the second quarter. It anticipates that its total self-mining hash rate capacity will reach 36 EH\/s by 2024.<\/p>\n\n\n\n

In the interim, Riot intensified its acquisition strategy against competitor Bitfarms by purchasing approximately 10 million additional shares this month, as indicated in a July 31 filing with the United States securities regulator.<\/p>\n\n\n\n

Riot attempted to acquire Bitfarms in mid-June by offering a $950 million acquisition. However, the company subsequently acknowledged its defeat.<\/p>\n\n\n\n

Riot stated on June 24 that it is evident that it is impossible to engage with the current Bitfarms Board regarding a prospective merger.<\/p>\n\n\n\n

Since the publication of its Q2 report, Riot's (RIOT) share price has declined by 1.18% in after-hours trading, according to data from Google Finance.<\/p>\n\n\n\n

\"Riot\u2019s
Riot's change in share price so far in 2024. Source: Google Finance<\/em><\/figcaption><\/figure>\n\n\n\n

Riot has experienced a roughly 33.8% decline in value thus far in 2024, while CleanSpark (CLSK), one of its competitors, has experienced a 47% increase and has replaced Riot as the second-largest Bitcoin miner<\/a> by market capitalization.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Miner Riot Platforms increased its revenue from Bitcoin mining, although the cost of mining a Bitcoin increased by 340%. Bitcoin Miner Riot Platforms failed to meet expectations after reporting its first quarterly loss since 2022. The miners are still experiencing the effects of April’s halving event. Riot’s second-quarter net loss of $84.4 million, or […]<\/p>\n","protected":false},"author":59,"featured_media":81781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[754,20820],"class_list":["post-88466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-mining","tag-riot-platform-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Bitcoin-mining-6-e1653307843986-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=88466"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/81781"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=88466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=88466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=88466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}