Long-Awaited Bitcoin Accounting Rules to Capture Rises, Dips (2)
Sep 7, 2023
Produced 1,775 Bitcoin during the quarter, as compared to 1,395 Bitcoin during the same three-month period in 2022. Second Quarter 2023 Financial ResultsTotal revenue for the three-month period ended June 30, 2023 was $76.7 million, and consisted of $49.7 million in Bitcoin Mining revenue, $7.7 million in Data Center Hosting revenue, and $19.3 million in Engineering revenue. Bitcoin Mining cost of revenues consist primarily of direct production costs of mining operations, including electricity, labor, and insurance, but excluding depreciation and amortization. Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining data center operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.
