Riot Platforms produced 1,775 bitcoin in the second quarter

Riot mined 410 bitcoin in July

article-image

kitti Suwanekkasit/Shutterstock modified by Blockworks

share

Riot Platforms released its second quarter earnings on Wednesday, announcing total revenue of nearly $77 million.

The miner saw a 27% increase in bitcoin production which led to the $3.8 million increase in total revenue compared to the $72.9 million the company reported during the same quarter last year.

Riot expects to achieve a self-mining hash rate capacity of 12.5 exahashes per second (EH/s) in the fourth quarter of 2023 as it repairs a building that was damaged in the winter storm that hit Texas last year.

The company produced 1,775 BTC, marking an increase from the 1,396 produced during the same period the previous year. This boost in production was attributed to the deployment of a greater number of miners.

In a July production and operations update, Riot noted that it produced 410 BTC, which was slightly lower than the 460 it produced in June. 

The company reported a bitcoin mining revenue of $49.7 million, a slight increase from the $46.2 million the company reported in the same quarter last year. The difference was driven by the lower bitcoin prices, the company said.

“As part of the next phase of our growth, Riot signed a long-term purchase agreement with MicroBT to acquire 33,280 next generation miners, with an option to purchase an additional 66,560 miners on the same price and terms,” Riot’s CEO Jason Les said in a statement.

“These miners are designed from the ground up for immersion cooling, will be manufactured in the United States, and will add an additional 7.6 EH/s in capacity for Riot by mid-2024.”

Back in June, the miner inked a deal with MicroBT to secure a US supply chain in the hopes of tripling its hash rate. MicroBT is a China-based bitcoin miner manufacturer. 

At the time, Les told Blockworks that the deal “helps develop this pipeline of access to US-manufactured miners.”

Updated Aug. 11, 2023 at 12:02 pm ET: Corrected bitcoin mining revenue to $49.7 million.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

Commerce plans transparent, tamper‑resistant data distribution via blockchain for economic metrics

by Blockworks /
article-image

It’s unclear whether the celeb ever knew about the account made using his name

article-image

Sharps Technology raised $400 million in PIPE offering

article-image

Offchain Labs’ Tandem will work exclusively with Succinct on a zkVM

article-image

Fundstrat’s chief investment officer may be the apex bull

article-image

MetaMask now lets users create and restore wallets via social accounts

by Blockworks /