RIOT Platforms announced figures for the 2nd quarter of 2024. The company made a net loss of $85 million. In the same period last year, the company’s loss was $27 million.

They mined fewer Bitcoins

RIOT, one of the largest mining companies in the US, also saw the negative effects of halving in Q2. The company mined 52% less Bitcoin in the 2nd quarter compared to the same period last year. The number of BTC obtained was announced as 844.

Continuing to insist on Bitfarms

RIOT firm stubbornly continues its attempts to buy Canadian mining company Bitfarms. In a statement, Shikret stated that he bought $10 million worth of Bitfarms shares in July.

As it is known, Bitfarms rejected RIOT’s $950 million offer in April. The Canadian company responded to RIOT’s increasing power by constantly taking shares with a ‘poison pill’ plan.

The poison pill plan is known as a strategy that allows a company to allow board members to buy additional shares to prevent the purchase of another company. Thanks to this plan, the company collecting shares
the power he wields is diminishing. However, the share value also decreases due to the increase in the number of shares. The plan is called a ‘poison pill’ because, although the other party is harmed, the company itself is also harmed.

RIOT objected to this plan and a court in Canada found RIOT right in this regard. However, Bitfarms had put a new ‘poison pill’ plan into action by changing the share ratios.

RIOT, which could not buy Bitfarms, recently acquired Block Mining, a much smaller company, in a $92 million deal.