Bitcoin mining company Riot Platforms' financial performance did not meet expectations, with a

Bitcoin (BTC) mining company Riot Platforms (RIOT) stated that its second quarter losses tripled compared to the same period last year due to a 48% increase in general operating costs.

Riot Platforms (RIOT) recently released a press release stating that due to a 48% increase in general operating costs, the company incurred a net loss of $84.4 million in the second quarter of this year, or $0.32 per share, which is twice the $0.16 per share predicted by investment research firm Zacks. This is the first time the company has reported a quarterly loss since the fourth quarter of 2022.

The report shows that sales, general and administrative expenses rose to $61.2 million this quarter, an increase of $41.4 million compared to the same period last year, and more than half of it ($32.1 million) was due to newly granted stock compensation expenses under the long-term incentive plan.

The halving event of Bitcoin in April resulted in a 50% reduction in miners' memory block rewards, which directly led to a decrease in Riot's Bitcoin production in the quarter. The company mined 844 bitcoins this quarter, a 52% decrease compared to the same period last year. At the same time, the mining cost of Bitcoin skyrocketed from $5734 to $25327 due to a 68% increase in network computing power.

However, Riot's Bitcoin mining revenue still grew by 12% compared to the same period last year, due to a nearly 100% increase in Bitcoin prices between June 30, 2023 and June 30, 2024. In addition, Riot has nearly doubled its installed computing power in the second quarter, reaching 22 EH/s per second, and expects its total self mining computing capacity to reach 36 EH/s by the end of 2024.

As of 2024, Riot's stock price has fallen by nearly 33.8%, while its competitor CleanSpark (CLSK)'s stock price has risen by 47%, replacing Riot as the second largest Bitcoin miner by market value.

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