Riot Platforms produced 1,775 bitcoin in the second quarter
Riot mined 410 bitcoin in July
kitti Suwanekkasit/Shutterstock modified by Blockworks
Riot Platforms released its second quarter earnings on Wednesday, announcing total revenue of nearly $77 million.
The miner saw a 27% increase in bitcoin production which led to the $3.8 million increase in total revenue compared to the $72.9 million the company reported during the same quarter last year.
Riot expects to achieve a self-mining hash rate capacity of 12.5 exahashes per second (EH/s) in the fourth quarter of 2023 as it repairs a building that was damaged in the winter storm that hit Texas last year.
The company produced 1,775 BTC, marking an increase from the 1,396 produced during the same period the previous year. This boost in production was attributed to the deployment of a greater number of miners.
In a July production and operations update, Riot noted that it produced 410 BTC, which was slightly lower than the 460 it produced in June.
The company reported a bitcoin mining revenue of $49.7 million, a slight increase from the $46.2 million the company reported in the same quarter last year. The difference was driven by the lower bitcoin prices, the company said.
“As part of the next phase of our growth, Riot signed a long-term purchase agreement with MicroBT to acquire 33,280 next generation miners, with an option to purchase an additional 66,560 miners on the same price and terms,” Riot’s CEO Jason Les said in a statement.
“These miners are designed from the ground up for immersion cooling, will be manufactured in the United States, and will add an additional 7.6 EH/s in capacity for Riot by mid-2024.”
Back in June, the miner inked a deal with MicroBT to secure a US supply chain in the hopes of tripling its hash rate. MicroBT is a China-based bitcoin miner manufacturer.
At the time, Les told Blockworks that the deal “helps develop this pipeline of access to US-manufactured miners.”
Updated Aug. 11, 2023 at 12:02 pm ET: Corrected bitcoin mining revenue to $49.7 million.
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