Miner Riot has achieved a reduction in the cost of Bitcoin mining to $8.4 thousand.
Mining company Riot Platforms has achieved a reduction in the cost of mining one bitcoin at the level of $8 thousand.
Mining company Riot Platforms lowered the cost of mining 1 bitcoin (BTC) to $8,389, which helped it cut its net loss to $27.7 million in the same period this year from $353.6 million in the second quarter of 2022, according to a report.
The increase was driven primarily by a 27% year-over-year increase in Bitcoin mining, the document noted.
Operations and financial strength enabled us to execute our power strategy on an unrivaled scale this quarter, bringing our average mining costs to $8,389 per bitcoin in the second quarter compared to the previous quarter," the report said.
In July, analysts at investment bank JPMorgan said the upcoming bitcoin halving will be a stress test for miners. Miners will have to face the rising cost of cryptocurrency mining and adapt to changes in electricity prices, experts said.
Also in July, the largest public miner Marathon Digital Holdings mined more than 1 thousand bitcoins. The company's total bitcoin holdings rose to 12,964 BTC ($379.4 million) as a result.
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