Bitcoin (BTC) Miner Riot Platforms (RIOT)’s Second-Quarter Loss Widens to $84.4M as Costs Surge

The cost to mine the bitcoin jumped to $25,327 from $5,734 due to a 68% increase in the network’s hashrate. Hashrate is a measurement of the total computational power used to process transactions on the network. A higher hashrate means miners need to dispatch more power, incurring higher costs, in order to produce each BTC.