Riot Platforms mined 412 Bitcoin in September

Riot Platforms reported that it mined 412 Bitcoin in September, representing a 28% increase from the previous month. This uptick in production was attributed to enhanced operating capacity at their mining facilities located in Texas and Kentucky, as noted in a company press release. CEO Jason Les credited the growth to improved operational efficiency and advancements in hash rate across the company’s operations.

Currently, Riot holds a total of 10,427 Bitcoin.

In addition to its mining efforts, the company participated in the Electric Reliability Council of Texas (ERCOT) Four Coincident Peak program, which involves voluntarily curtailing operations during peak electricity demand. This approach helps alleviate pressure on the grid and reduces power costs, a vital aspect of their operations.

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

Bitcoin mining involves validating transactions on the Bitcoin network by solving complex mathematical problems, and miners like Riot are rewarded with newly minted Bitcoin. The company’s increased hash rate, which measures the computational power dedicated to mining, has significantly boosted its production.

Riot vs. Bitfarms

This summer was eventful for Riot, as it proposed a $950 million takeover bid for its Canadian competitor, Bitfarms. Having already acquired a substantial stake in Bitfarms, Riot sought full control, but Bitfarms rejected the offer, labeling it undervalued.

To counter the takeover bid, Bitfarms implemented a “poison pill” strategy, restricting Riot’s ability to purchase additional shares without board approval.

Despite this, Riot continued to increase its stake, ultimately becoming Bitfarms’ largest shareholder. By mid-year, Riot intensified the situation by nominating its own board members, which led to heightened tensions and a postponement of Bitfarms’ special shareholder meeting.

The conflict appeared set to continue until September 2024, when the two companies reached a settlement. Under the agreement, Bitfarms appointed a Riot-supported board member, and Riot secured additional rights to acquire Bitfarms shares, provided it maintained at least a 15% ownership stake.