Summary by Moomoo AI
On July 31, 2024, Riot Platforms, Inc., a Nevada-incorporated Bitcoin mining company, released its second-quarter financial results for the period ending June 30, 2024. The company reported a total revenue of $70.0 million, with Bitcoin Mining revenue contributing $55.8 million, despite a decrease in total revenue compared to the same period in 2023. The quarter saw a significant operational growth, including the energization of Riot's second large-scale facility in Corsicana, TX, and the acquisition of Block Mining Inc., expanding Riot's growth pipeline. Riot's installed hash rate nearly doubled, reaching 22 EH/s by the end of the quarter. However, the company also reported a net loss of $(84.4) million, or $(0.32) per share, which included a change in fair value of Bitcoin and non...Show More