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), 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.
Riot Platforms acquired 1,432,063 common shares of Bitfarms on June 13, 2024, representing approximately 0.35% of Bitfarms' outstanding shares. Prior to this acquisition, Riot owned 56,194,973 shares or 13.65% of Bitfarms. Post-acquisition, Riot's ownership increased to 57,627,036 shares or 14.00%. Riot plans to request a special meeting to nominate new independent directors due to concerns about Bitfarms' governance. Riot may further adjust its investment based on various factors including market conditions and Bitfarms' strategic direction.
Riot Platforms commented on Bitfarms' adoption of a shareholder rights plan, known as a 'Poison Pill'.
This plan prevents any shareholder from acquiring 15% or more of Bitfarms' shares without making a formal takeover bid. Riot criticized this move, stating it contradicts established legal and governance standards and reflects poor corporate governance.
CEO Jason Les highlighted that Riot had tried to privately engage with Bitfarms, urging the addition of independent directors and the resignation of Chairman Nicolas Bonta. Despite these efforts, Bitfarms implemented the Poison Pill with a lower-than-usual threshold, further entrenching its board.
Riot continues to advocate for better corporate governance at Bitfarms.
Riot Platforms announces the acquisition of 1,460,278 common shares of Bitfarms , increasing its ownership to 12%. The shares were bought on June 5, 2024, at an average price of US$2.45 per share, totaling approximately US$3.58 million. Prior to this purchase, Riot owned 11.63% of Bitfarms' outstanding shares. Riot now plans to requisition a special meeting to nominate new directors to Bitfarms' board, citing concerns about corporate governance. Riot will continue to review its investment based on various factors, including market conditions and Bitfarms' financial position.
Riot Platforms announced its May 2024 production and operations updates, highlighting a significant decrease in Bitcoin (BTC) production to 215 BTC, a 43% drop from April 2024 and a 68% drop from May 2023. Despite this, the company's deployed hash rate increased to 14.7 EH/s, a 17% rise from April 2024 and a 39% increase year-over-year. Power and Demand Response Credits earned surged to $7.3 million, a 244% increase from April 2024. Operations at the Corsicana facility progressed, with the first 100 MW building fully developed and an additional 3.1 EH/s added to the self-mining capacity. However, operations were temporarily halted due to a lightning strike. Riot anticipates achieving a total self-mining hash rate capacity of 41 EH/s by 2025.
Riot Platforms announces the acquisition of 3,002,350 common shares of Bitfarms , increasing its ownership to 10% as of May 28, 2024.
The shares were purchased at an average price of $2.19 per share, totaling $6.57 million.
Riot's move follows a non-binding proposal to acquire all outstanding shares of Bitfarms at $2.30 per share, involving a mix of cash and Riot stock.
Riot intends to request a special shareholder meeting to nominate new directors and discuss the proposal.
If successful, the acquisition could result in significant changes, including a shift in control, board reconfiguration, and delisting from major stock exchanges.
Riot Platforms has proposed to acquire Bitfarms for US$2.30 per share, valuing Bitfarms at around US$950 million. This offer includes cash and Riot common stock, giving Bitfarms shareholders a 24% premium over its one-month volume-weighted average price. Riot has already acquired a 9.25% stake in Bitfarms and plans to hold a special meeting to add independent directors to Bitfarms' Board. The proposed merger aims to create the largest publicly listed Bitcoin miner, with significant geographic diversification and a strong financial profile. Riot's financial resources are expected to drive future growth for the combined entity.
Riot Platforms, Inc. (NASDAQ: RIOT) announces production and operations updates for April 2024. The company produced 375 Bitcoins in April 2024, marking a decrease from the previous months. Riot has energized its second Bitcoin mining facility in Corsicana, Texas, with plans to further expand its infrastructure. The Corsicana Facility is expected to have a total mining capacity of 1,000 MWs upon completion. Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024 through strategic partnerships and equipment deployments.