Riot Platforms mined 412 Bitcoin in September, which represents a 28% increase compared to the previous month.
This increase in production was driven by increased operational capacity at their mining facilities, which include locations in Texas and Kentucky. According to To the company version. Riot CEO Jason Lees attributed this growth to increased operational efficiency and hash rate improvements across the company’s operations.
The company now owns 10,427 Bitcoin (BTC).
The company also participated in the Texas Electricity Reliability Council’s Four Concident Peak program, voluntarily curtailing operations during periods of high electricity demand. This helps reduce stress on the grid and allows Riot to reduce energy costs, a critical factor in its operations.
Riot has completed the third development phase at its Corsicana, Texas, facility, adding 100 megawatts of power capacity, according to 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 the computational power allocated to mining – has boosted its production.
Riot vs Bitfarms
It’s been a busy summer for Riot as it made a $950 million takeover bid for Canadian rival Bitfarms. Riot had already acquired a significant stake in Bitfarms and sought full control, but Bitfarms rejected the offer, considering it undervalued.
To stave off a 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 the largest shareholder in Bitfarms. By mid-year, Riot escalated the situation by nominating members of its board of directors, leading to escalating tensions and postponing Bitfarms’ special shareholder meeting.
The conflict appeared poised to continue until the companies reached a settlement in September 2024, in which Bitfarms agreed to appoint a Riot-backed board member, and Riot received further rights to acquire Bitfarms shares, on the condition that it retain a 15% stake.