Riot, a key player in the Bitcoin mining sector, reported overall revenue of $76.7 million in its financial results for the quarter ending June 30, 2023.

This result underscores Bitcoin miner resilience in an unpredictable market, with a significant part of its achievement attributed to a 27% increase in Bitcoin production, as opposed to the value of Bitcoin itself.

Riot reduces the cost of BTC mining.

The company reduced the average cost to mine Bitcoin to $8,389 in Q2 2023 from $11,316 in Q2 2022. This is despite Bitcoin prices averaging lower at $28,024 per Bitcoin in Q2 2023, compared to $33,083 in Q2 2022.

Jason Les, CEO of Riot, said,

“Riot’s core business is Bitcoin mining, and the scale of our vertically integrated operations and financial strength allowed us to execute on our power strategy at unmatched scale this quarter.”

For instance, the company’s partnership with Midas Immersion is set to transform Riot’s Corsicana Facility into the largest and most advanced immersion cooling deployment for Bitcoin mining globally.

The company also announced a long-term purchase agreement with MicroBT, securing 33,280 next-generation miners “with an option to purchase an additional 66,560 miners on the same price and terms.” These new acquisitions are expected to add another 7.6 EH/s by mid-2024 and are designed specifically for immersion cooling while being manufactured in the United States.

Ultimately, the miner aims to increase its hash rate by 24.7 EHs to 35.4 EH/s by 2025 with the addition of the entire MicroBT miner order.

Crypto trading on centralized exchanges declined by 12% to $2.36 trillion. This is the lowest volume recorded since the beginning of the year, indicating a significant downturn in trading activity, according to CCData.

A breakdown of these trading activities showed that spot trading volume fell 10.5% to $515 billion —the second-lowest since March 2019. On the other hand, derivatives volume fell 12.7% to $1.85 trillion, which is the second-lowest volume since December 2020.

The crypto research firm attributed the diminished volume to the lack of price action volatility in significant crypto assets, including Bitcoin (BTC) and Ethereum (ETH), which traditionally drive trading volumes. CryptoSlate Insight reported that BTC’s price movement in July was “closely confined” as the flagship digital asset had “virtually no change in its price” on some days.