Riot Platforms, one of the largest publicly traded Bitcoin miners, sold 4,300 $BTC during the second quarter to help fund operations and its expanding data center business, according to the company’s latest earnings report.
What Riot Still Holds
Despite the sale, Riot still holds a substantial Bitcoin treasury. Riot still holds 11,380 $BTC, worth close to $666 million at the June 30 price, based on Bitcoin’s closing price of $58,527 that day. Of that total, 5,821 $BTC is currently pledged as collateral. The company ended the quarter with more than $1.2 billion in total liquid assets, including $548.9 million in cash, of which $77.5 million remains restricted.
Mining Output Rose, But Revenue Fell
Riot mined 1,587 $BTC in Q2, up from 1,426 $BTC during the same quarter last year, showing continued growth in the company’s mining output. Despite that increase, Bitcoin mining revenue fell 19.3% year over year to $113.7 million this quarter, a decline the company attributed to lower average Bitcoin prices and a rising global network hash rate, only partially offset by growth in Riot’s own operating hash rate.
Mining Costs Climbed Too
The average cost to mine one Bitcoin, excluding depreciation, came in at $49,912 for the quarter, up from $48,992 during the same period last year. Riot attributed the increase primarily to higher power costs and ongoing expansion at its Kentucky facilities.
Including depreciation, the picture looks more strained. The company’s total cost to mine one Bitcoin reached $90,631, equal to roughly 126.5% of the $71,667 production value of each coin mined during the quarter. In simple terms, Riot’s full mining costs, once depreciation is factored in, exceeded what each Bitcoin was actually worth at the time it was produced.
Growth Outside of Mining
Riot’s total revenue increased 14% year over year to $174.2 million this quarter, helped by strong growth in newer business lines. The company’s Data Center segment generated $23.2 million in revenue, split between $4.9 million in operating lease revenue and $18.3 million in tenant fit-out services, marking its second full quarter of reporting revenue from that segment following the completed delivery of an initial 25 megawatts to AMD.
Engineering revenue also jumped sharply, climbing to $37.3 million from just $10.6 million in the same quarter last year, reflecting Riot’s broader push to diversify beyond pure Bitcoin mining and into data center infrastructure services.
What’s Next
Riot hosted a conference call on August 10, 2026, to walk investors through the full results, part of the company’s ongoing effort to balance its Bitcoin mining operations against a rapidly growing data center and engineering business.
