Riot Platforms, Inc. - RIOT STOCK NEWS

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.

Riot Platforms, NASDAQ: RIOT, has launched www.ABetterBitfarms.com to inform shareholders about issues with Bitfarms' corporate governance and propose changes to its Board of Directors. Riot has called for a special shareholders' meeting to vote on its three nominees: John Delaney, Amy Freedman, and Ralph Goehring. These nominees aim to replace current board members including Chairman Nicolas Bonta, Andrés Finkielsztain, and recent appointee Fanny Philip. The website provides resources for stakeholders to learn more, share their views anonymously, and stay updated on Riot's initiatives. Riot emphasizes the need for new perspectives and stronger governance at Bitfarms.

Riot has announced a significant milestone in its Bitcoin mining operations for June 2024, achieving a deployed hash rate of 22.0 EH/s, exceeding its Q2 target. The company produced 255 Bitcoins, a 19% increase from May 2024 but a 45% decrease year-over-year. Riot held 9,334 Bitcoins as of June's end, a 3% month-over-month and 29% year-over-year increase. The company also reported $6.2 million in power credits, reducing power costs to 2.6c/kWh across its facilities.

Riot's Corsicana Facility achieved new operational milestones, with Phase 1 expected to total 400 MW of mining capacity. The company plans to reach a total self-mining hash rate capacity of 31 EH/s by the end of 2024 and 41 EH/s by 2025.

Riot's power strategy, involving participation in ERCOT's Four Coincident Peak Program, has contributed to substantial future savings on transmission costs. Additionally, Riot's infrastructure development includes ongoing work on new buildings and the deployment of new miners under their long-term agreement with MicroBT.