Bitcoin (BTC) Miner Riot Blockchain reported a net loss of $366.3 million in the second quarter due to an impairment charge of $349.1 million and a loss of $99.8 million in Bitcoin reserves.
During those three months, the company sold power to the Texas grid and secured $5.7 million in energy credits, adding to the $9.5 million it had in July.
Riot Blockchain Generated 1,395 Bitcoins in the Second Quarter of the Year
The company said on Monday:
“We believe our ability to sell energy back to the grid at market-driven spot prices, thereby reducing our operating costs, is an integral part of our overall strategy.
While participation in various network demand response programs may affect our Bitcoin production, we see it as an important part of our partnership-based approach with ERCOT.”
With this cryptocurrency company Riot Blockchain managed to produce a total of 1,395 Bitcoins. This amount was 0.7% lower than the previous quarter.
Revenues also fell 8.7% to $72.9 million, with $46.2 million from mining and $9.8 million from hosting.
The company said it was negatively impacted by the drop in Bitcoin price and rising variable mining costs, but it increased efficiency by deploying a more significant portion of its next-generation hardware.
“We are extremely encouraged by Riot’s financial resilience and operational success this quarter,” said CEO Jason Les.
The Company’s Hash Rate Has Increased
The mining company’s hash rate rose 2.3% in three months to 4.4 exahash per second (EH/s) at the end of the quarter. The company expects to reach 12.5 EH/s in the first quarter of 2023, slightly lower than the 12.8 EH/s it previously announced in January.
Riot scheduled its second-quarter earnings call for last Tuesday, saying it needed more time to review its financial statements, citing the “complexity of analyzing the impact of various global macroeconomic and geopolitical factors” in the U.S. Securities and Exchange Commission (SEC) report.
*Not investment advice.
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