April's bitcoin halving caused Riot Platforms' second-quarter losses to widen
2024-08-04 21:37:48
This year second quarter crypto miners riots platforms record net lossdesk3cryptocurrencydesktopCrypto News
Crypto miner Riot Platforms recorded a net loss of $84.40 million in the second quarter of this year, compared to $27.40 million in the same period last year. The US bitcoin miner's widened losses are the result of the ongoing impact of the bitcoin halving in April. Riot CEO Jason Les commented, "In April, the bitcoin network'halved 'in the second quarter, a pre-set event where the bitcoin block subsidy that miners receive from the network is halved every four years. Despite a reduction in available production for all bitcoin miners, Riot's revenue for the quarter was $70 million."
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