The leading cryptocurrency mining business – Riot Platforms – produced 1,775 BTC throughout the 2nd quarter of 2023, a 27% boost compared to that three-month duration in 2022.
Despite not completely coping with the problems triggered by the extreme winterseason storm in Texas in 2022, the business reached an all-time high hash rate capability of 10.7 EH/s. Seeing those centers completely functional and finalizing the long-lasting purchase contract with MicroBT Electronics Technology might increase its hash rate capability to 20.1 EH/s by the end of 2024.
Solid Quarter for Riot
The company revealed a overall profits of $76.7 million in Q2 (compared to $72.9 million in the exactsame duration last year). It exposed that the muchbetter results are mostly driven by a 27% boost in Bitcoin production.
Besides mining 1,775 BTC, Riot Platforms reduced the average expense to mine a single bitcoin to $8,389. That expenditure equatedto $11,316 in Q2, 2022.
“Riot’s core organization is Bitcoin mining, and the scale of our vertically incorporated operations and monetary strength enabled us to carryout on our power technique at unequaled scale this quarter, driving our average expense to mine to $8,389 per Bitcoin in the 2nd quarter, compared to an average Bitcoin cost of $28,024,” CEO Jason Les described.
Mining profits ($49.7 million) and engineering profits ($19.3 million) were likewise greater than the signedup figures year-over-year.
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