The company was able to reduce its quarterly net loss as Bitcoin production increased.

Riot Platforms, a Bitcoin mining company based in Colorado, reduced its net loss for the second quarter to $27.7 million as it increased Bitcoin production and attained record hash rate capacity.

The cryptocurrency miner posted total revenue of $76.7 million, up 5.2% from Q2 2022, predominantly due to a 27% year-over-year increase in Bitcoin production, which was partially mitigated by a decline in Bitcoin prices, according to the company's August 9 results filing.

Mining revenue of $49.7 million accounted for 64.7% of the company's total revenue for the quarter. Through the firm's power curtailment credits, an additional $13.5 million was made.

Comparatively, its net loss for the second quarter of the previous year was $353.5 million. It was also roughly half of the first-quarter financial loss posted in 2023.

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The company produced 1,775 Bitcoin during the quarter, and its average cost to mine a Bitcoin (BTC) in Q2 was $8,389, exceeding the average price in Q1.

The mining company also attained an all-time high hash rate capacity of 10.7 exahashes per second and expects this number to reach 20.1 EH/s by the second quarter of 2024, before reaching 35.4 EH/s in 2025.

The estimates are based on the late-June acquisition of 33,280 mining machines, with the 35.4 EH/s figure presuming Riot will exercise its option to acquire an additional 66,560 miners at the same price and terms in the near future.

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Even though Riot's share price fell 4.42 percent earlier in the day, it fell another 0.86 percent shortly after the company's results were released.

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