Riot Mines 412 Bitcoin in September

In September, Riot Platforms mined 412 Bitcoin, 28% more than the previous month

A company release says that this increase in production was caused by their mining centers, which include sites in Texas and Kentucky, being able to handle more work. The CEO of Riot, Jason Les, said the growth was due to better business efficiency and hash rate improvements across the company.

There are now 10,427 Bitcoins in the company<
The business also participated in the Electric Reliability Council of Texas Four Coincident Peak program, which stopped running when many needed energy. This makes the grid less busy and helps Riot save money on power, which is very important to their business.

According to a press statement, in the third phase of development at its Corsicana, Texas, site, Riot added 100 megawatts of power.

Bitcoin mining is the process of answering hard math problems to ensure that transactions on the Bitcoin network are real. Miners, like Riot, get new Bitcoin in exchange for their work. Riot’s production has gone up because their hash rate has gone up. The hash rate measures how much computing power is used for mining.

When Riot vs. Bitfarms

This summer, Riot had a lot going on. It made an offer to buy its Canadian peer, Bitfarms, for $950 million. Riot already owned a big part of Bitfarms and wanted to take full control, but Bitfarms turned down the offer because they thought it was too low.

Bitfarms used a “poison pill” plan to stop Riot from taking over, which made it harder for Riot to buy more shares without board approval.

Riot kept buying more shares until it became Bitfarms’ biggest shareholder. By mid-year, Riot made things worse by putting forward its board members. This made things more tense and caused Bitfarms’ special shareholder meeting to be pushed back.

The companies’ disagreement looked like it would last until they made a settlement in September 2024. As part of the deal, Bitfarms agreed to add a board member backed by Riot, and Riot got more rights to buy Bitfarms shares as long as it kept a 15% stake.