Riot Platforms Posts Record Q2 Earnings on Strong Bitcoin Mining Revenue
Riot Platforms delivered record Q2 earnings, reporting $219.5 million net income and $495.3 million adjusted EBITDA, led by Bitcoin mining revenue of $140.9 million. Mining operations produced 1,426 BTC at an average cost of $48,992 per coin, while total revenue doubled to $153 million year-on-year. The company realized a $470.8 million unrealized gain on its 19,273 BTC reserves (valued at ~$2.1 billion) and held $255.4 million in unrestricted cash. Despite rising mining costs (up 93% year-on-year due to energy prices, network difficulty and hardware upgrades), Riot emphasized its vertical integration—via the ESS Metron acquisition and robust power capacity in Rockdale and Corsicana—and new leadership hires to optimize efficiency. Traders should note the distinction between unrealized gains and cash flow, and monitor energy prices, BTC price volatility and hashrate competition as key drivers.
Bullish
Strong Q2 earnings and record Bitcoin mining revenue underscore healthy network fundamentals and miner profitability, likely boosting BTC sentiment and attracting capital in the short term. While rising mining costs and reliance on unrealized gains caution volatility, Riot’s vertical integration, robust cash reserves and leadership hires enhance operational resilience, supporting continued growth in the long term.