Riot Platforms: Q2 net loss of $84.4 million, Bitcoin production fell 52%

Bitcoin miner Riot Platforms reported a net loss of $84.4 million in the second quarter, compared to a net loss of $27.4 million in the same period last year. Despite the financial setback, the company still achieved revenue of $70 million in the second quarter, slightly lower than $76.7 million in the same period last year. This result reflects the challenging environment after the recent "halving" event of the Bitcoin network. Riot Platforms also reported a 52% drop in Bitcoin production, from 1,775 in the second quarter of 2023 to 844. However, despite the decline in production, Riot Platforms still achieved strong gross margins and revenue was flat with last year.