The black faces of crypto are doing better. To say that 2022 for crypto is clearly an understatement, and the professionals in the mining of bitcoins of course, were not spared by this downturn. Hard hit by the price of their crypto nuggets, they also had to endure a sharp rise in energy prices coupled with uncertainties regulatory that shook their business model. But even bad things have to come to an end, and the start of this year is no exception. 2023 looks like a springtime, albeit a timid one, but one that augurs a return to happy days for these modern-day hercers. After Marathon Digital Holdingstoday we present the second-quarter results for Riot Platforms, Inc. which is also turning things around. Let’s head for Castle Rock, Colorado, to dig a little deeper into these Q2 2023 figures.
Results up on 2022 with more BTC produced
Overall, the mining giant’s results are positive, with an overall increase in sales from 72,9 million dollars at the same time last year to 76,7 last quarter. In detail, the company three sources which are the mining bitcoins, hosting data centers and services engineering services. These three poles have had varying degrees of success, with the crypto sector in positive territory, climbing from 46,2 à 49,7 million dollars while data centers went from 9,8 millions last year to just 7,7 this year. Lastly, the engineering sector was positive, with 19,3 millions in revenues versus 16,9 in Q2 2022. Full details of these figures and the company’s explanations can be found at press release press release.
Net loss for the quarter was 27,7 million, or 0,17 dollar per share from 352,6 million for the same period in 2023, i.e. 2,71 per share. Lastly, working capital amounted to 408,4 million, broken down as follows : 289,2 million in cash and 221,4 million in bitcoins, priced at just over $30,000 per unit.
But let’s return to theextraction of bitcoinswhich is of particular interest to us, and in particular the rise in the production of 27% observed over one year.
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The race for first place against Marathon Digital is on!
From April to June 2022, Riot had produced 1395 BTC against 1775 this year, and this increase in mined volume is mainly due to the connection of new units production units. In fact, the company major investments in equipment and there’s more to come. So, after the damage sustained last December and repairs that should be completed by the end of the year, Riot envisages a power of 12.5 exahash per second (EH/s).
But new coolers should add 2.4 EH/s to this capacity, while the deployment of a new fleet of next-generation miners should increase the capacity of the plant by 7.6 EH/s cumulative power by mid-2024. Riot hopes to achieve 20.1 EH/s at that time, but is already looking ahead to the future. 2025 with thepurchase of 66,560 machines to reach 35.4 EH/s ! And perhaps become the world’s leading company in the sector?
Jason LesRiot’s CEO, was delighted with his company’s good results and is already looking forward to a bright future: « I am delighted to announce the second quarter 2023 results for Riot, as they highlighted the continued execution of our long-term strategy which included a number of landmark announcements that thus reinforce our trajectory for future growth. ». And he’s not alone in projecting a future where Bitcoin will be more relevant than ever, as Wall Street is already buzzing about the arrival of these long-awaited ETFs. All the more reason for these 3.0 fund miners to rejoice.
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