“I remain extremely excited about Riot’s leading role in driving the cross-industry transformation of energy and money” via BTC mining, CEO Les stated.
Despite not fully coping with the issues caused by the severe winter storm in Texas in 2022, the company reached an all-time high hash rate capacity of 10.7 EH/s. Seeing those facilities fully operational and signing the long-term purchase agreement with MicroBT Electronics Technology could boost its hash rate capacity to 20.1 EH/s by the end of 2024.a total revenue of $76.7 million in Q2 . It revealed that the better results are primarily driven by a 27% increase in Bitcoin production.
“Riot’s core business is Bitcoin mining, and the scale of our vertically integrated operations and financial strength allowed us to execute on our power strategy at unmatched scale this quarter, driving our average cost to mine to $8,389 per Bitcoin in the second quarter, compared to an average Bitcoin price of $28,024,” CEO Jason Les explained.