Riot Platforms reports $28M Q2 loss, despite $13.5M from Texas power credits
Technik Riot Platforms reports $28M Q2 loss, despite $13.5M from Texas power credits 1 Minuten Bitcoin Ethereum Nachrichten BTC block reward mining company Riot Platforms (NASDAQ: RIOT) has reported a net loss of $28 million for the second quarter, despite doubling power credits from the Texas grid operator. In its earnings report, the Colorado-based miner revealed it generated $76.7 million in revenue, a slight increase from Q2 last year but lower than Wall Street estimates of $84.6 million. It attributed the revenue rise to a 27% spike in BTC production, from 1,395 last year to 1,775 in Q2. Despite the higher production, the miner recorded a $27.7 million loss, with depreciation and amortization accounting for the highest costs. The loss was 92% lower than the $353 million the company recorded in Q2 last year. Riots revenue from its mining business accounted for $49.7 million, with data hosting and engineering contributing $7.7 million and $19.3 million, respectively. The company made $13.5 million from power curtailment credits received from ERCOT, the Texas state grid operator. This arrangement, in which ERCOT compensates miners for turning off their mining rigs in times of high demand, has come under fire in recent months. Miners have been accused of exploiting the system by pre-purchasing their