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Riot Platforms’ Bitcoin holdings cross 10K BTC, production drops

Riot Platforms reports a drop in Bitcoin production for August 2024 but stays bullish with expansion plans to increase its mining capacity and optimize energy costs.

Bitcoin (BTC) mining company Riot Platforms announced that it now holds over 10,000 Bitcoin, a 37% increase from the same period last year.

The company reported a 13% decrease in Bitcoin production in August 2024 compared to July. Bitcoin mining firms have been grappling with profitability challenges due to increasing energy costs and adjusting to the Bitcoin network’s halving event in April, which cut mining rewards from 6.25 BTC to 3.125 BTC per 210,000 blocks.

As a result, Bitcoin miners are looking to diversify operations into data centers to boost revenue. However, running an artificial intelligence or high-performance data center is much more expensive than running a crypto mining facility.

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Riot Platforms reports a drop in Bitcoin production for August 2024 but stays bullish with expansion plans to increase its mining capacity and optimize energy costs.
Bitcoin (BTC) mining company Riot Platforms announced that it now holds over 10,000 Bitcoin, a 37% increase from the same period last year.The company reported a 13% decrease in Bitcoin production in August 2024 compared to July. Bitcoin mining firms have been grappling with profitability challenges due to increasing energy costs and adjusting to the Bitcoin network’s halving event in April, which cut mining rewards from 6.25 BTC to 3.125 BTC per 210,000 blocks.As a result, Bitcoin miners are looking to diversify operations into data centers to boost revenue. However, running an artificial intelligence or high-performance data center is much more expensive than running a crypto mining facility.Read more  

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