🔥 JUST IN: #RiotPlatforms begins #Bitcoin mining at its new 1 GW facility in Corsicana, Texas, projected to be the world's largest, according to Pierre Rochard.

#BitcoinMining #Bitcoinhalving #TrendingTopic

#RiotPlatforms , a #Bitcoinmining company, reported a 19% increase in #Bitcoin production for 2023, totaling 6,626 #BTC . The cost of mining decreased by 33% to $7,539 per Bitcoin. The CEO, Jason Les, announced revenues of $281 million, with $71 million in power credits. Riot's average mining cost per Bitcoin dropped by $3,686 from the previous year. Strategic advancements include the completion of a 700-megawatt expansion, a partnership with MicroBT, and ongoing development of a 1-gigawatt facility. Riot closed 2023 with a robust balance sheet of $597 million in cash and 7,362 Bitcoins. Les outlined growth targets, aiming for a hash rate capacity of 28 EH/s by 2024 and exceeding 100 EH/s. In June 2023, Riot acquired 33,000 new miners ahead of the 2024 halving event, investing $138.5 million. The deployment is set for Q1 2024, adding 7.6 EH/s. #Riot , along with the Texas Blockchain Council, filed a lawsuit against the U.S. Department of Energy, challenging regulatory scrutiny on cryptocurrency energy consumption. The lawsuit criticizes the government's approach as "sloppy" and seeks to halt data collection from cryptocurrency miners. $BTC

Riot Blockchain Buys 66,560 Bitcoin Mining Rigs in $290.5 Million Deal with MicroBT

Bitcoin miner Riot Blockchain has announced its purchase of 66,560 bitcoin mining rigs from MicroBT, marking one of the largest orders in the company’s history.

Riot Blockchain is set to acquire 66,560 Bitcoin miners from manufacturer MicroBT in one of its largest orders of hash rate, totaling $290.5 million, with an average cost of $4,360 per machine. The new order is an extension of Riot’s initial agreement with MicroBT, where it agreed to buy 33,280 machines in June. The updated agreement now provides Riot with options to purchase up to 265,000 additional miners from MicroBT under the same terms as the recent order.

The new miners, primarily consisting of MicroBT’s M66S model with a hash rate of 250 terahashes per second (TH/s), will add 18 exahashes per second (EH/s) to Riot’s operations. The deployment schedule includes the previously announced order of 33,280 MicroBT miners, set to begin deployment in the first quarter of 2024, and the new order of 66,560 additional miners, with delivery and deployment starting in the second half of 2024.

Riot’s CEO, Jason Les, noted that this purchase order represents the largest order of hash rate in the company’s history. He said,

Riot anticipates reaching a self-mining hash rate capacity of 38 EH/s once all 99,840 rigs are fully installed and operational. The company cited the upcoming Bitcoin halving event in April 2024 as a key factor influencing its recent buying spree. According to Nasdaq, Riot’s stock (ticker: RIOT) increased nearly 9% on December 4, bringing its total gains to over 345% for the year 2023.

Riot Platforms also earned $49.6 million in power curtailment credits, a substantial increase from the $13.1 million earned in the same quarter of the previous year. As of late September, Riot has $442.3 million in working capital, including $290.1 million in cash and 7,327 unencumbered Bitcoins, valued at approximately $197.6 m
#RiotPlatforms #btcmining #microBT #BinanceTournament #CryptoScoop
$BTC

🤗🤗🤗
🚀 Riot Platforms Acquires Block Mining for $92.5 Million!

Riot Platforms has officially acquired Kentucky-based Block Mining for $92.5 million, boosting its hash rate and expanding its geographical reach. The deal includes $18.5 million in cash and $74 million in Riot common stock, with potential for an additional $32.5 million based on performance through 2025.

📈 Key Highlights:

Immediate Impact: Increased hash rate and access to new energy markets.

Expansion Plans: Current capacity of 60 MW, expandable to 155 MW.

Strategic Growth: Expansion to 110 MW by end of 2024 and a greenfield opportunity for up to 150 MW.

Block Mining’s CEO, Michael Stoltzner, emphasized the shared vision for energy-efficient Bitcoin mining and the complementary cultures of both companies. The acquisition aligns with Riot’s strategic growth plans and strengthens its position in the Bitcoin mining industry.

This move follows Riot’s continued efforts to acquire Bitfarms, with a significant legal victory on July 24 removing a major barrier to the takeover.

Stay tuned for more updates on this exciting development! 🚀

#RiotPlatforms #BlockMining #Bitcoin #Crypto #Blockchain
$BTC

🔔 Breaking News: Bitfarms & Riot Platforms Reach Settlement!🔔

The dispute between **Bitfarms** and **Riot Platforms** has finally been settled! Under the new agreement, **Riot’s stake** in Bitfarms is **capped at 20%** unless approved by the board. Riot currently holds **19.9%**, effectively stopping its hostile takeover attempt.

Key Updates:
- **Andres Finkielsztain**, Bitfarms' co-founder, has stepped down from the board.
- **Amy Freedman**, a corporate governance expert, takes his place, signaling strategic shifts.
- The **special shareholder meeting** is delayed but will be held before **November 20** to address key decisions regarding the company's future.

💡 What’s Next for Bitfarms?
Moving forward, **Bitfarms** aims to **diversify** beyond Bitcoin mining and explore new ventures like **energy trading** and **high-performance computing**!

Stay tuned for further updates on this developing story! 🚀

#Bitfarms #RiotPlatforms #CryptoNews #BlockchainInnovation #FOMC

🚨 BREAKING NEWS: Bitfarms Responds to Riot Platforms’ Criticism! 🚨
The crypto world is buzzing as Bitfarms fires back at Riot Platforms amid an escalating boardroom battle. Bitfarms has issued a strong rebuttal to Riot Platforms’ criticisms, accusing its rival of self-interest and misleading claims.
Riot Platforms, the largest shareholder of Bitfarms, has been pushing for significant changes in Bitfarms’ board of directors, claiming that the company’s corporate governance is broken. In response, Bitfarms has defended its recent board and leadership changes, stating that these decisions were made independently and in the best interest of all shareholders.
Bitfarms also highlighted that Riot’s actions are part of a broader strategy to acquire Bitfarms at a discounted price, rather than genuinely addressing governance issues. The upcoming special shareholder meeting on October 29, 2024, is expected to be a critical juncture in this ongoing feud.
🔥 Key Points 🔥
Bitfarms accuses Riot Platforms of attempting a hostile takeover.Riot Platforms demands further board changes and proposes new independent directors.Bitfarms defends its recent acquisition of Stronghold Digital Mining as a strategic move to diversify and enhance shareholder value.
Stay tuned for more updates on this developing story. Follow us for the latest news and insights, and don’t forget to comment below with your thoughts!
#Bitfarms #RiotPlatforms #CryptoNews #BoardroomBattle #HostileTakeover