Ramazan Eles 
Bitcoin mining firm Riot Platforms has reported a substantial increase in its second-quarter net loss, attributed to the challenges posed by the Bitcoin halving event in April.
Riot Platforms recorded a net loss of $84.4 million in the second quarter, a sharp increase from the $27.4 million loss reported in the same period last year.
The company’s total revenue also declined from $76.7 million to $70 million year-over-year. The decrease in revenue was primarily driven by a $9.7 million decrease in engineering revenue, partially offset by a $6 million increase in Bitcoin mining revenue.
The firm mined 844 Bitcoin in the second quarter, representing a 52% decrease year-over-year. This decline was primarily attributed to the Bitcoin halving and increased network difficulty.
Despite the production decline, Riot nearly doubled its installed hash rate to 22 exahash per second (EH/s) by the end of June. CEO Jason Les stated that the company aims to reach a self-mining hash rate capacity of 36 EH/s by the end of the year.
In addition to its operational updates, Riot Platforms also reiterated its ongoing strategic interest in rival mining firm Bitfarms.