Riot Platforms, a leading public mining company, has released its Q2 financial and operational data, providing a glimpse into the challenging margins of bitcoin mining in the post-halving world. The company’s report is likely to be echoed by many other mining giants set to release their earnings in the coming weeks.
Riot’s Q2 production numbers were impressive, with the company producing 845 BTC, generating a revenue of $55.8 million, and implying an average revenue of $66,000 per BTC. However, the company’s direct cost of bitcoin production after power credits was a staggering $25,300 per BTC, with corporate overhead adding another $27,400 per BTC. This brings the total all-in mining cost to $52,700 per BTC, net of power credits.
The company’s mining segment, which accounts for 78% of its total revenue, reported a net profit of $11.2 million in Q2, despite a fleet of over 15 EH/s. However, when considering all factors, including proprietary mining, engineering, and residual revenues from the discontinued hosting business, Riot’s profit was a mere $1.22 million, net of stock-based compensation, and before depreciation and tax.
The brutal impact of bitcoin’s halving and the sluggish hashprice are largely to blame for Riot’s financial situation. Despite efforts to reduce hash costs, the company’s mining operations are not generating significant cash flow at the moment. This is a scenario likely shared by many other mining companies.
Interestingly, pure-play bitcoin mining companies like Riot and CleanSpark did not sell any bitcoin in Q2 to cover operating costs, despite the low hashprice and margin. Instead, they raised sufficient proceeds through stock offerings to fund both capital and operating expenditures. Their bet is on the long-term appreciation of bitcoin, and they are holding onto their mined coins, with Riot, Mara, and CleanSpark alone holding 34,461 BTC as of June 30.
As the mining industry prepares for the upcoming Q2 earnings season, investors can expect to see similar challenges and strategies from other mining giants. The schedule of upcoming earnings releases is as follows:
- Marathon: August 1, 5:00 p.m. EDT
- Northern Data: August 6, 3:00 p.m. Central European Summer Time
- Core Scientific: August 7, 3:00 p.m. Central Time
- Cipher: August 13, 8:00 a.m. EDT
- Hut 8: August 13, 8:30 a.m. EDT
As the mining industry navigates the post-halving landscape, investors will be closely watching these earnings reports to gauge the resilience of these companies and their ability to adapt to the changing market conditions.

BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.