Riot Platforms, a Bitcoin (BTC) mining company, announced that it now holds over 10,000 Bitcoin, a 37% increase from the same period last year. However, 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 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, but running an artificial intelligence or high-performance data center is much more expensive than running a crypto mining facility.

Riot produced 322 Bitcoin in August, down from 370 in July. This also represents a roughly 3% decline compared to August 2023, when the company produced 333 Bitcoin. Unlike last year, when Riot sold 300 Bitcoin in August and generated $8.6 million in net proceeds, the company did not sell any Bitcoin this August, citing high energy demand in Texas during the hot summer months.

Source: https://cointelegraph.com/news/riot-platforms-holds-10000-bitcoin-focuses-on-expansion-amid-mining-challenges

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