One of the leading crypto mining publicly traded companies Riot Platforms Inc (NASDAQ: RIOT) released its Q2 2023 earnings on Wednesday. According to the announcement, Riot Platforms produced 1,775 Bitcoins during the quarter that ended on June 30, compared to 1,395 Bitcoins that were generated during the same period last year. As a result, the company announced that its total revenue for the quarter came in at $76.7 million, compared to approximately $72.9 million for the same period last year. However, analysts surveyed by FactSet expected the crypto mining company to report revenue of about $84.6 million.

Eoin Treacy's view

Riot Platforms was punished today for the earnings miss but I am encouraged by the fact that it has successfully reduced the cost of mining a new bitcoin and has additional revenue streams which ensure it has the ability to weather crypto winters. Selling electricity credits back to the grid was a significant money spinner in the 2nd quarter for example.

The share is now back testing the $15 area and the upper side of the underlying range. This is an ideal point for demand to reassert itself, but a clear upward dynamic will be required to confirm that instinct.

Bitcoin continues to pause in the region of $30000 as investors wait for the potentially important catalyst of the SEC granting permission for spot priced ETFs.