Riot Platforms mined 412 Bitcoin in September

Riot Platforms mined 412 Bitcoins in September, up 28% from the previous month.

According to the statement made by the company, this increase in production was due to the high operating capacity at mining facilities, including facilities in Texas and Kentucky. Riot’s CEO, Jason Les, attributed the growth to increased operational efficiency and hash rate improvements in the company’s operations.

The company currently holds 10,427 Bitcoin (BTC).

The company also participates in the Texas Quadruple Summit Electric Reliability Council program, voluntarily shutting down operations during periods of high electricity demand. This helps reduce pressure on the grid and allows Riot to reduce energy costs, a crucial factor in its operations.

Riot has completed the third phase of development at its Corsicana, Texas facility, adding 100 megawatts of power capacity per release.

Bitcoin mining is the process of verifying transactions on the Bitcoin network by solving complex mathematical problems. Miners like Riot are rewarded with new Bitcoin for their efforts. Riot’s increasing hashrate, a measure of computing power dedicated to mining, has increased their production.

Riot vs. Bitfarms

It’s been a busy summer for Riot, which recently made a $950 million acquisition offer for Canadian rival Bitfarms. Riot had already acquired a significant stake in Bitfarms and wanted to gain full control, but Bitfarms rejected the offer, considering it undervalued.

To fend off the takeover, Bitfarms adopted a “poison pill” strategy that limited Riot’s ability to acquire additional shares without board approval.

Riot continued to increase its stake and eventually became Bitfarms’ largest shareholder. By mid-year, Riot escalated the situation by nominating its own board members, leading to increased tensions and the postponement of Bitfarms’ special shareholder meeting.

The conflict appeared likely to continue until the companies reached an agreement in September 2024, under which Bitfarms agreed to appoint a Riot-backed board member and gained more rights to buy Bitfarms shares, provided Riot retained a 15% stake.