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Riot Platforms, Inc. (RIOT) delivers cutting-edge Bitcoin mining solutions through vertically integrated operations combining energy management expertise with blockchain technology. This news hub provides investors and industry observers with direct access to official corporate announcements, operational milestones, and strategic developments.
Track critical updates including quarterly earnings reports, mining capacity expansions, and engineering innovations that drive RIOT's leadership in cryptocurrency infrastructure. Our curated feed ensures timely access to press releases about facility developments, energy partnerships, and blockchain network participation.
Bookmark this page for streamlined monitoring of RIOT's progress in optimizing mining efficiency through proprietary power strategies and engineered solutions. Regular updates provide insights into how the company balances Bitcoin production with sustainable energy practices across its operations.
Riot Platforms announced its May 2024 production and operations updates, highlighting a significant decrease in Bitcoin (BTC) production to 215 BTC, a 43% drop from April 2024 and a 68% drop from May 2023. Despite this, the company's deployed hash rate increased to 14.7 EH/s, a 17% rise from April 2024 and a 39% increase year-over-year. Power and Demand Response Credits earned surged to $7.3 million, a 244% increase from April 2024. Operations at the Corsicana facility progressed, with the first 100 MW building fully developed and an additional 3.1 EH/s added to the self-mining capacity. However, operations were temporarily halted due to a lightning strike. Riot anticipates achieving a total self-mining hash rate capacity of 41 EH/s by 2025.
Riot Platforms announces the acquisition of 3,002,350 common shares of Bitfarms , increasing its ownership to 10% as of May 28, 2024.
The shares were purchased at an average price of $2.19 per share, totaling $6.57 million.
Riot's move follows a non-binding proposal to acquire all outstanding shares of Bitfarms at $2.30 per share, involving a mix of cash and Riot stock.
Riot intends to request a special shareholder meeting to nominate new directors and discuss the proposal.
If successful, the acquisition could result in significant changes, including a shift in control, board reconfiguration, and delisting from major stock exchanges.
Riot Platforms has proposed to acquire Bitfarms for US$2.30 per share, valuing Bitfarms at around US$950 million. This offer includes cash and Riot common stock, giving Bitfarms shareholders a 24% premium over its one-month volume-weighted average price. Riot has already acquired a 9.25% stake in Bitfarms and plans to hold a special meeting to add independent directors to Bitfarms' Board. The proposed merger aims to create the largest publicly listed Bitcoin miner, with significant geographic diversification and a strong financial profile. Riot's financial resources are expected to drive future growth for the combined entity.
Riot Platforms, Inc. (NASDAQ: RIOT) announces production and operations updates for April 2024. The company produced 375 Bitcoins in April 2024, marking a decrease from the previous months. Riot has energized its second Bitcoin mining facility in Corsicana, Texas, with plans to further expand its infrastructure. The Corsicana Facility is expected to have a total mining capacity of 1,000 MWs upon completion. Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024 through strategic partnerships and equipment deployments.
Riot Platforms, Inc. reported impressive financial results for the first quarter of 2024, with total revenue of $79.3 million, net income of $211.8 million, and earnings per share of $0.82. The Company also achieved significant milestones like energizing the new Corsicana Facility, which will be the largest Bitcoin mining facility globally once fully developed. Riot anticipates increasing its self-mining hash rate capacity to 31 EH/s by the end of the year. Despite challenges like decreased Bitcoin production and increased mining costs, Riot's strong financial position with $692.5 million in working capital and industry-leading growth prospects make it a key player in the Bitcoin mining industry.
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