Riot Platforms mined 412 Bitcoin in September

Riot Platforms mined 412 Bitcoin in September, marking a 28% increase over the previous month.

This rise in production was driven by higher operating capacity at their mining facilities, which include sites in Texas and Kentucky, according to a company release. Riot’s CEO, Jason Les, attributed the growth to increased operational efficiency and hash rate improvements across the company’s operations.

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

The company also participated in the Electric Reliability Council of Texas Four Coincident Peak program, voluntarily curtailing operations during periods of high electricity demand. This helps reduce strain on the grid and allows Riot to lower power costs, a crucial factor in their operations.

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

Bitcoin mining is the process of validating transactions on the Bitcoin network by solving complex mathematical problems. Miners like Riot are rewarded with new Bitcoin for their efforts. Riot’s increased hash rate — a measure of computational power dedicated to mining — has boosted their production.

Riot vs. Bitfarms

It was a busy summer for Riot when it proposed a $950 million takeover bid for its Canadian rival, Bitfarms. Riot had already acquired a significant stake in Bitfarms and sought to gain full control, but Bitfarms rejected the offer, deeming it undervalued.

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

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

The conflict seemed poised to drag on until the companies reached a settlement in September 2024, where Bitfarms agreed to appoint a Riot-supported board member, and Riot gained further rights to acquire Bitfarms shares, provided it maintained a 15% holding.