April's Bitcoin Halving Causes Riot Platforms' Q2 Loss to Widen

In the second quarter of this year, crypto mining firm Riot Platforms recorded a net loss of $84.4 million compared to $27.4 million in the same period last year. The US-based bitcoin mining company's widening loss is a result of the ongoing impact of the bitcoin halving in April.Riot CEO Jason Les commented, “In April of this year, the bitcoin network was ‘halved’ in the second quarter, a pre-determined event whereby the bitcoin block subsidy that miners receive from the network is reduced by half every four years. Despite the reduction in available production for all Bitcoin miners, Riot generated $70 million in revenue for the quarter.”