Riot Platforms Don Post Record Q2 Money with Strong Bitcoin Mining Income
Riot Platforms deliver record Q2 earnings, dem report say dem net income na $219.5 million plus adjusted EBITDA na $495.3 million, wey Bitcoin mining revenue lead for $140.9 million. Mining operations produce 1,426 BTC for average cost of $48,992 per coin, and total revenue double reach $153 million year-on-year. The company get $470.8 million unrealized gain for their 19,273 BTC reserves (wey worth about $2.1 billion) and hold $255.4 million unrestricted cash. Even though mining cost rise (up 93% year-on-year due to energy price, network difficulty and hardware upgrade), Riot talk say their vertical integration—via ESS Metron acquisition and strong power capacity for Rockdale and Corsicana—and new leadership hire to optimize efficiency dey important. Traders suppose sabi difference between unrealized gain and cash flow, plus dey watch energy prices, BTC price wahala and hashrate competition as main drivers.
Bullish
Strong Q2 earnings plus record Bitcoin mining revenue dey show healthy network fundamentals and miner profitability, wey fit boost BTC sentiment and attract capital short term. Even though mining costs dey rise and reliance on unrealized gains fit cause wahala, Riot’s vertical integration, strong cash reserves and leadership hires dey increase operational resilience, wey go support continued growth long term.