Welcome to our dedicated page for Riot Platforms Ord Shs news (Ticker: RIOT), a resource for investors and traders seeking the latest updates and insights on Riot Platforms Ord Shs stock.
Riot Platforms, Inc. (NASDAQ: RIOT) is a Bitcoin mining and digital infrastructure company whose news flow centers on Bitcoin production, power strategy, and large-scale data center development. The company describes itself as a Bitcoin-driven industry leader in the development of large-scale data centers and Bitcoin mining applications, with a vertically integrated model that includes mining operations, engineering, and fabrication.
News updates from Riot frequently include monthly or quarterly Bitcoin production and operations reports. These releases provide unaudited metrics such as Bitcoin produced, average daily production, deployed and operating hash rate, fleet efficiency, Bitcoin held and sold, and power-related credits. They also discuss all-in power costs and the impact of power curtailment and demand response programs on Riot’s operations.
Riot’s news also covers financial results and earnings announcements, typically reported via quarterly press releases and accompanying earnings materials. These items detail total revenue, Bitcoin mining revenue, engineering revenue, net income or loss, and non-GAAP measures such as Adjusted EBITDA, along with commentary on factors influencing performance, such as Bitcoin prices, network hash rate, and power credits.
Another recurring theme in Riot’s news is data center and infrastructure development. The company has reported on progress at its Corsicana data center campus, land acquisitions, campus design work, and plans to build core and shell capacity for data centers intended to support high performance compute workloads and Bitcoin mining. Executive and governance updates, such as changes in the chief financial officer role and adjustments to incentive plans, also appear in Riot’s news flow.
Investors and followers of RIOT can use this news page to review production updates, financial results, infrastructure developments, and corporate announcements that the company has publicly released.
Riot Platforms, Inc. (NASDAQ: RIOT) announced its unaudited production and operations updates for September 2024. Key highlights include:
- 412 Bitcoin produced, a 28% increase from August
- Total deployed hash rate reached 28.2 EH/s, a 20% increase month-over-month
- Average operating hash rate increased to 19.5 EH/s, up 35% from August
- Bitcoin held increased to 10,427, up 4% from August
- Completion of Building B1 at Corsicana Facility, bringing power capacity to 300 MW
CEO Jason Les attributed the production increase to higher average operating hash rate and operational improvements. The company continues to progress on Building B2 at Corsicana, expected to be operational in November. Riot's power strategy focuses on flexible consumption, participating in grid demand response programs.
Riot Platforms, Inc. (NASDAQ: RIOT) has issued a press release regarding a settlement agreement with Bitfarms (NASDAQ/TSX: BITF). Key points include:
- Andrés Finkielsztain resigned from Bitfarms' Board of Directors
- Amy Freedman was appointed to the Board and various committees
- Riot withdrew its requisition for a special meeting of Bitfarms shareholders
Riot currently owns 90,110,912 common shares of Bitfarms, representing approximately 19.9% of the issued and outstanding shares. Riot intends to review its investment in Bitfarms continuously and may increase or decrease its position based on various factors.
Riot Platforms, Inc. (NASDAQ: RIOT) announced its August 2024 production and operations updates. The company produced 322 Bitcoin in August, a 13% decrease from July 2024 and a 3% decrease year-over-year. Riot's total deployed hash rate reached 23.5 EH/s, a 1% increase from July and a 128% increase year-over-year. The company's Bitcoin holdings exceeded 10,000, reaching 10,019, a 3% increase from July and a 37% increase year-over-year.
Riot's power strategy led to an all-in power cost of 2.0c/kWh at its Rockdale Facility and 3.9c/kWh at its Corsicana Facility. The company generated $6.4 million in total power credits, a 90% increase from July. Riot continues to develop its Corsicana Facility, with Building B1 expected to be fully operational in September, contributing to the company's target of 28 EH/s hash rate by Q3 and 36 EH/s by year-end.
Riot Platforms, Bitfarms' largest shareholder with a 19.9% stake, has issued an open letter to fellow Bitfarms shareholders ahead of the October 29 special meeting. Riot criticizes Bitfarms' governance and recent actions, including board changes and the proposed Stronghold Digital Mining acquisition. Riot has reduced its proposed slate of new directors from three to two: Amy Freedman and John Delaney.
Riot argues that Bitfarms' recent board changes have been reactive and insufficient, citing examples of the board's defensive posture such as a failed off-market poison pill and a unilateral board refresh. The letter expresses concern over the Stronghold acquisition's timing and price, viewing it as potentially entrenching the current board.
Riot urges Bitfarms to halt defensive tactics and allow shareholders to be heard at the upcoming meeting, warning against any financing transactions that could be dilutive to shareholders.
Riot Platforms, Inc. has increased its beneficial ownership in Bitfarms to 18.9% of the issued and outstanding Common Shares. On August 13, 2024, Riot acquired 1,000,000 common shares of Bitfarms through normal course purchases on the Nasdaq Stock Market and other open markets. The shares were purchased at a weighted average price of US$2.28 per share, for an aggregate amount of US$2,280,800.00.
Prior to this acquisition, Riot owned 84,293,054 Common Shares (18.68%). After the purchase, Riot now owns 85,293,054 Common Shares (18.90%). Riot has also requisitioned a special meeting of shareholders to seek removal of certain Bitfarms directors and replace them with independent candidates. Riot intends to review its investment in Bitfarms continuously and may consider various actions, including increasing or decreasing its position, hedging its economic exposure, or proposing further changes to Bitfarms' board composition.
Riot Platforms, Inc. (NASDAQ: RIOT) announced its July 2024 production and operations updates. Key highlights include:
- Produced 370 Bitcoin, a 45% increase from June
- Expanded operations into Kentucky through acquisition of Block Mining
- Increased total deployed hash rate to 23.3 EH/s, up 6% month-over-month and 118% year-over-year
- Raised 2024 deployed hash rate guidance from 31 EH/s to 36 EH/s
- Anticipates reaching 56 EH/s total self-mining capacity by 2025
The company continues to develop its Corsicana Facility and participates in ERCOT's Four Coincident Peak Program for power management.
Riot Platforms, Inc. (RIOT) has increased its beneficial ownership in Bitfarms to 16.9% of outstanding common shares. On August 2, 2024, Riot acquired 380,838 shares at a weighted average price of US$2.40 per share, totaling US$914,468.21. This acquisition follows Riot's June 24, 2024 announcement of requisitioning a special meeting to remove three Bitfarms Board members and nominate three independent directors. Riot intends to review its investment in Bitfarms continuously, considering factors such as the company's financial position, market conditions, and other investment opportunities. Riot may increase or decrease its position, hedge its exposure, or propose various actions regarding its investment in Bitfarms.
Riot Platforms (NASDAQ: RIOT) reported Q2 2024 financial results, with $70.0 million in total revenue and a deployed hash rate of 22.0 EH/s. Despite the Bitcoin network 'halving' in April, Riot maintained strong gross margins in its core Bitcoin mining business. The company produced 844 Bitcoin during the quarter, a 52% decrease from Q2 2023. Riot generated $13.9 million in power credits, reducing its average energy cost to $25,327 per Bitcoin mined. The company expanded operations at its Rockdale and Corsicana facilities, nearly doubling installed hash rate to 22 EH/s. Riot also acquired Block Mining, expanding its growth pipeline. The company maintains a strong financial position with $646.5 million in working capital, including $481.2 million in cash.
Riot Platforms, Inc. (NASDAQ: RIOT) has successfully challenged Bitfarms 's (NASDAQ/TSX: BITF) shareholder rights plan, commonly known as a 'Poison Pill'. The Ontario Capital Markets Tribunal has cease traded the Poison Pill, effectively terminating it immediately. This decision is viewed as a significant victory for shareholder rights.
Riot's CEO, Jason Les, criticized Bitfarms' corporate governance, stating that the Poison Pill adoption was an attempt by Bitfarms' directors to entrench themselves. Riot continues to advocate for the election of its three independent director nominees - John Delaney, Amy Freedman, and Ralph Goehring - at Bitfarms' upcoming Special Meeting of Shareholders on October 29, 2024. Riot believes these nominees will bring fresh perspectives and help repair Bitfarms' governance issues.
Riot Platforms (NASDAQ: RIOT) has acquired Block Mining, a Kentucky-based Bitcoin miner, for $92.5 million. The deal includes $18.5 million in cash and $74 million in Riot common stock, with potential additional consideration up to $32.5 million. This acquisition immediately adds 60 MW of operational capacity and 1 EH/s to Riot's hash rate, with plans to expand to 110 MW by the end of 2024. Block Mining's assets include two operational sites in Kentucky and a greenfield expansion opportunity, potentially increasing Riot's total power capacity to 2 gigawatts. The acquisition diversifies Riot's operations geographically and provides access to new energy markets outside of ERCOT, including the MISO region.