Bitcoin mining firm Riot Platform (RIOT) has announced a remarkable turnaround, reporting a net profit of $220 million for the second quarter. This significant recovery follows a loss of $290 million in the previous quarter. The substantial profit is primarily attributed to the increased value of Riot's Bitcoin holdings, now valued at $470 million. During the quarter, Riot successfully mined 1,426 BTC, boosting their total holdings to an impressive 19,273 BTC. This positions them as the fourth largest Bitcoin holder among publicly listed companies worldwide. While experiencing growth, Riot also reported a 93% increase in Bitcoin mining costs compared to the previous year. Despite these rising expenses, the company's strategic investments and efficient mining operations have allowed them to capitalize on the rising value of Bitcoin and achieve substantial profitability. Riot Platform continues to be a key player in the evolving Bitcoin mining landscape. ```

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