Bitcoin mining company Riot Blockchain reported a wider-than-expected loss in the second quarter of this year. The company, which is known for its mining operations to earn Bitcoin, missed estimates with its financial performance.
Despite an increase in revenue compared to the previous year, Riot Blockchain still faced a loss. The company reported a net loss of $19.3 million in the second quarter, which was higher than the estimated loss of $16.3 million.
Riot Blockchain’s total revenue for the quarter was $32.4 million, a significant increase from the $2.4 million reported in the same period last year. However, the increase in revenue was not enough to offset the company’s expenses, resulting in a larger loss than anticipated.
The company’s mining operations continue to be a key focus, as Bitcoin mining remains a lucrative business. However, Riot Blockchain’s financial performance in the second quarter fell short of expectations.
Investors and analysts will be closely watching Riot Blockchain’s future performance to see if the company can turn things around and improve its financial results in the coming quarters.