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

Research Report Templates.png

Research

Pipe Network is a decentralized content delivery network (dCDN) that replaces the sparse, capital intensive data center footprint of traditional CDNs with a permissionless mesh of independent node operators. By orchestrating under-utilized resources that already exist at the edge, rather than purchasing or leasing thousands of servers, Pipe slashes capital intensity while letting supply expand autonomously in the places where bandwidth is scarcest and most expensive.

article-image

Fiscal dominance isn’t about interest rates and it isn’t about Trump, either

article-image

Firestarter Storage brings decentralized storage and delivery to Solana

article-image

After lengthy closing arguments on Wednesday, the case is now in the hands of 12 jurors

article-image

Analysts cite weak trading volume and regulatory progress as factors

article-image

Builders weigh in on Ethereum’s first decade and the decisions that will define its next one

article-image

Closing arguments set to kick off Wednesday after Tuesday’s testimony from two expert witnesses and an a16z partner