Riot Platforms reported Q2 revenue of $174.2 million, beating estimates by 14.56% and rising 13.87% year-over-year.
The company secured a $9.1 billion AI lease with Advanced Micro Devices (AMD), marking a strategic shift away from bitcoin mining.
Riot produced 1,587 bitcoin in the quarter but saw higher costs to mine one bitcoin at $49,912, up from $48,992 last year.
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