Riot Platforms, Inc. - RIOT STOCK NEWS

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.

Riot Platforms, Inc. (NASDAQ: RIOT), a leader in vertically integrated Bitcoin mining, has announced its second quarter 2024 earnings conference call scheduled for Wednesday, July 31, 2024, at 4:30 P.M. EST. The call will cover the company's financial results for the quarter ended June 30, 2024. Interested parties can participate through an audio webcast or by dialing in. U.S. participants can call 1-877-407-0779, while international participants should dial 1-201-389-0914. A replay of the conference call will be available after the event concludes.