Major miner Riot sold 4,300 bitcoins and closed the quarter with a $237 million loss
American mining company Riot Platforms reported selling 4,300 BTC to fund operations and expand its data center network.
At the end of the second quarter, the company held 11,380 BTC on its balance sheet, of which 5,821 BTC are pledged as collateral for loans. This ranks Riot 13th among the largest corporate bitcoin holders.
During the quarter, Riot mined 1,587 BTC, an 11% increase from the previous year. The average cost to mine one bitcoin, excluding depreciation, was $49,912.
However, mining revenue decreased by 19.3% to $113.7 million, and the company's net loss amounted to $237 million.
Earlier this week, it was reported that the company signed a 20-year contract to provide computing power to Anthropic, the company behind the Claude neural network. The contract is expected to generate approximately $9.1 billion in revenue for Riot by 2048.
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